The Bank of America may have plans to launch new cyptocurrency exchange service for its client and has obtained patent for the same. The U.S. Patent and Trademark Office awarded the patent to the second largest bank on Tuesday, according to Coin Desk. The cryptocurrency exchange system facilitates the conversion of one currency into another. Since it is automated and is based on external data feeds, it would be able to make the conversions almost immediately.
The patent is known to describe it into a three part system. The first part would be customer’s account and the other two accounts will be held by the specific business that is running that system. The users can choose over the currency that they want and store it in their customer account.
The second account called as the float account would have the currency that is selling and the third account which is also known as the float account would have the same amount of digital currency that the customer is now converting their present funds to. The third account would be used to send the funds to the original customer account.
The patent says:
Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.
This exchange system would enable one to detect illicit transactions, helps calculate risk and provides for the complete account of information with regard to transactions quickly. Transactions that seems to be illegal would not be processed by the exchange system and hence it keeps a check on fraudulent activities.
(Written by Amritha Dayanithi; Editing by Mohith Agadi)