08.12.2017 Bank of America probably will also become a cryptocurrencies` exchanger

The US Patent and Trademark Office (USPTO) has recently issued a patent for a cryptocurrency conversion system to the largest banking conglomerate in the United States.

The described system is three accounts: one for a client and two for bank accounts. Bank, the so-called “floating” accounts are created for temporary storage of convertible currencies (one for exchanged currencies, the other for the one which the client converts to). At the end of the transaction, money is credited to the original client account, where they can be withdrawn.

The system assumes monitoring of external data at exchange rates for setting the optimal rate. Suspicious transactions will be monitored and blocked automatically.

We do not know yet if the fact of obtaining a patent means that in the nearest future Bank of America will start introducing new services related to conversion of cryptocurrency. However, if it does, they will be available only to corporate clients.