Back to top

Bank of America continues work on the storage of crypto-currency

The second largest bank in the US continues its work in developing a system for storing digital assets. According to the documents, on August 23, the bank filed another patent application with the US Patent and Trademark Office (USPTO).

The development of the crypto-currency store for corporate clients began in 2014, however, the first patent application was filed only in April of this year. The continuation of the project was the second patent describing the operation of the system that manages storage data.

Together with Bank of America, Charlotte is also working on the system. The document also describes the future of the system. In the bank’s forecasts widespread use of digital currencies, but consumers still trust their funds to institutions, such as banks, and do not store their private keys.

Along with companies such as IBM and Walmart, Bank of America is the most active and successful investor in blocking technologies with the United States. And this despite the fact that in its annual report the bank recognized the threat of crypto currency for its existing business model.

To the surprise, the position of the bank in relation to the crypto currency is negative. Bank of America executives repeatedly criticized Bitcoin and emphasized that investors should be wary of such investments. In support of a serious position in February this year, the bank banned the use of its credit cards in crypto-currency transactions.

1 Star2 Stars3 Stars4 Stars5 Stars (No ratings yet)
Loading...