The U.S. Patent and Trademark Office (USPTO) has published information according to which well-known Bank of America (BoA) won a patent for a system for the corporate storage of crypto customer deposits.
The patent, which was first submitted in mid-June 2014, notes that as technology evolves, financial transactions using cryptocurrencies have become more common, so for some enterprises it may be desirable to merge cryptocurrency deposits created by customers in a corporate account.
The patent documentation describes various interactions between crypto customer funds and a corporate account, with the latter functioning to securely store customers' crypto deposits. In one of the proposed options, the corporate account itself could carry out transactions on behalf of customers, debit or credit the appropriate customer accounts, if necessary.
To this end, the patent outlines methods for storing private keys associated with customer accounts, defining public keys and creating shared “storage keys”.
The patent also suggests that the aggregation of crypto customer deposits can eliminate the need for enterprise customers to use third-party services for currency conversion. Thereby patent documentation describes various interactions between crypto customer funds and a corporate account, with the latter functioning to securely store customers' crypto deposits. In one of the proposed options, the corporate account itself could carry out transactions on behalf of customers, debit or credit the appropriate customer accounts, if necessary.
To this end, the patent outlines methods for storing private keys associated with customer accounts, defining public keys and creating shared “storage keys”.
The patent also suggests that the aggregation of crypto customer deposits can eliminate the need for enterprise customers to use third-party services for currency conversion. Thereby “simplifying the purchase and exchange of currencies and cryptocurrencies and reducing the fees associated with doing so.”
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