Bank of America Files Patent Application for Crypto Storage System

November 16, 2018

Bank of America has recently applied for a patent for a system that would allow banking institutions store digital coins of their customers.

As the document runs, in case of further growth in popularity of digital currencies major companies including corporations may wish to provide services for storing crypto coins of their clients.

The authors of the application note that in order to keep digital coins safe and sound companies may require single account accessible for all of their offices and affiliates. According to the document, customer’s account in the new system will display a figure equal to his crypto deposits while his funds stored by organization:

“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 aggregate cryptocurrency deposited by customers in an enterprise account.”

The application says that the bank’s secured servers will be used for storing digital tokens. It also continues that the new technology is going to simplify crypto transactions.

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