Menu
Banking Exchange Magazine Logo
Menu

Bank of America Gets Crypto Patent

An increase in the likelihood that businesses may use crypto currencies for transactions

  • |
  • Written by  Banking Exchange Staff
  • |
  • Comments:   DISQUS_COMMENTS
Bank of America Gets Crypto Patent

Bank of America was awarded a patent this week to help store crypto currencies for Bank of America customers.  

As there is an increase in the likelihood that businesses may use crypto currencies for transactions it may be necessary for a bank to hold the currency. A customer account may be credited with an equivalent value to the crypto currency deposit even though the actual funds would be stored in an overall enterprise account. 

This is not the first patent that Bank of America has sought out in the space, which makes it increasingly important for small to midsize banks to consider strategies to compete with larger banks as usage could potentially become more mainstream despite the values of crypto currencies declining in recent months.   

back to top

Sections

About Us

Connect With Us

Resources

Webinar: Real-Time Payments in the U.S. Market

Time/Date: June 16, 2021 2:00 p.m. ET

The U.S. has come a long way in its journey to real-time payments, with TCH and Zelle in market and FedNow just around the corner. COVID-19 has accelerated that demand to move to real-time. Yet many financial institutions remain unconvinced of the need to move, with less than 3% of financial institutions signed up today.

In this Banking Exchange hosted webinar Celent’s Gareth Lodge, Senior Analyst, Global Payments, and Alacriti’s Mark Ranta, Payments Practice Lead, discuss the findings in the Celent research report, Real-Time Payments in the US Market: Speeding Up or Slowing Down? A Call to Arms.

REGISTER NOW!

This webinar is brought to you by:
Alacriti logo