BofA Secures Crypto Storage System Patent

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Bank of America (BofA) has secured a patent for a system that allows a customer to store digital currency in an account held with a financial enterprise.

Released on November 13 by the U.S. Patent and Trademark Office (USPTO), the patent describes a number of reasons why it is important. Users will benefit from intensified security by keeping their digital currencies “in a cryptocurrency vault that is eventually taken offline.” The process is also expected to reduce power consumption.

A business entity needs to deposit in its own account to be able to store users’ virtual currency. The patent states:

“The enterprise may decide to collect and aggregate cryptocurrency deposited by customers into a cryptocurrency account owned by the enterprise where the aggregated cryptocurrency may be securely stored.”

The BofA patent also explains how customers can make payments using their crypto funds stored in their account by using a “payment instrument issued by the enterprise.” It says:

“To execute a transaction with cryptocurrency, an enterprise may receive a request from a customer using a payment instrument authorizing a payment of an amount of cryptocurrency. Essentially simultaneously or shortly thereafter, the enterprise may transfer the among of cryptocurrency from a customer account to a recipient of the payment.”