Patent For Storing Customer Crypto Funds – The Bank of America had filed a patent that was awarded recently. The patent includes complete details about how enterprises could be able to store a customer’s crypto fund.
The patent was awarded by the U.S Patent and Trademark Office on Tuesday and was filed for enterprise-level institutions holding a customer’s cryptocurrency for wider options in exchanges and other services.
The number of crypto exchange firms is increasing and they are offering wider service options for cryptocurrency customers. According to the patent by Bank of America, enterprise services like crypto exchange and custodianship need temporary holding of customer’s crypto funds.
Enterprises would use single enterprise-level accounts which are capable of holding the customer’s funds before exchange transactions. The patent also includes information about balancing customer accounts. Similarly by crediting an equal amount of crypto funds while holding their funds in an enterprise account.
“Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. But for some enterprises, it may be desirable to aggregate cryptocurrency deposited by the customer in an enterprise account.”
-Patent(Bank of America).
Details Of Patent
Patent For Storing Customer Crypto Funds – New processors and memory are being used by the bank to store the private key for the holding funds. The patent specifies details of using holding funds and facilitating authorized transactions simultaneously. This benefits the enterprise in terms of using lesser memory and computational resources which speeds up transactions.
While an enterprise is holding the funds and a customer wants to transfer those funds, then access is granted directly to the holdings. The customer can access the account and will be able to transfer the funds.
Last month Bank of America was awarded another patent that detailed how to store cryptographic keys that are tied with crypto assets.