Home / bitcoin / Bank of America Wins Patent For Crypto Exchange System

Bank of America Wins Patent For Crypto Exchange System

New submitter psnyder stocks a document from CoinDesk: [The patent] defined a possible cryptocurrency change machine that may convert one virtual forex into every other. Further, the program could be automatic, establishing the exchange rate between the two currencies based on external data feeds. The patent describes a possible three-part machine, the place the primary section could be a buyer’s account and the opposite two could be accounts owned by means of the industry working the machine. The consumer would retailer their selected cryptocurrency in the course of the buyer account. The 2nd account, known as a “float account,” would act as a keeping space for the cryptocurrency the buyer is promoting, whilst the 3rd account, additionally a drift account, would include the an identical quantity of the cryptocurrency the buyer is changing their finances to. That 3rd account would then deposit the transformed finances again into the unique buyer account for withdrawal. The proposed machine would accumulate knowledge from exterior knowledge resources on cryptocurrency change charges, and use this information to determine its personal optimum fee.
The patent notes this carrier could be for enterprise-level consumers, that means that if the financial institution pursues this undertaking, it will be presented to companies.

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