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.
Tagged under Feature, Technology, Branch Technology/ATMs, Feature3, Fintech, Bank Performance, The Economy, Financial Research, Management, Financial Trends, AML & Fraud, Cyberfraud/ID Theft, Community Banking, Commercial, Tech Management,
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