10 New Bank of America Cryptocurrency Patents Published
The Bank of America has filed eleven patent applications since 2014, following the publication of 10 yesterday by the US patent office.
The US Patent & Trademark Office (USPTO) published 10 patent applications yesterday that were filed by Bank of America in June of last year.
includes a “real-time conversion system”, a “cryptocurrency transaction payment system” and a “cryptocurrency suspicious user alert system”. Patent applications for offline storage, “risk detection” and transaction validation were also published, among others.
To date, Bank of America has submitted 11 patent applications related to cryptocurrencies, suggesting that the firm may be looking to build, or at least conceptualize, a fully realized cryptocurrency network. Today's release follows the publication of a patent application for a cryptocurrency wire transfer system in September.
Bank of America is one of a growing number of banks looking at the technology and weighing potential applications – a process evident in the range of applications. The bank is also one of 40 institutions taking part in the blockchain consortium led by startup R3CEV.
Bank of America did not immediately respond to a request for comment.
Image via Ken Wolter / Shutterstock.com
Correction: An earlier version of this story incorrectly attributed seven patent applications to Bank of America. This article has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.