ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Dec 13th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Bank Of America Obtains Patent: May Launch Cryptocurrency Exchange

By

Jeremy

Nation

WriterETHNews.com

Bank of America continues to pursue its blockchain-related endeavors; its latest patent for a cryptocurrency exchange has been greenlit by the US Patent and Trademark Office.

On December 5, 2017, the US Patent and Trademark Office awarded a patent to Bank of America (BofA) for what might amount to a cryptocurrency exchange for corporate clients.

Originally filed on June 16, 2014, Bank of America's patent on a "cryptocurrency transformation system" comprises a platform to manage exchange rates between various currencies, transfer requests, and customer accounts.

In BofA's system, the customer would have one account and there would be two float accounts associated with an “enterprise.” The float accounts are designed to handle conversion from one cryptocurrency to another; customers make a deposit of the currency they intend to convert or sell into a float account and the second float account is funded with the equivalent exchange rate for new target currency. In this case, customers will be businesses, as the service is intended for enterprises as opposed to individual consumers.

According to the patent, "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 exchange currencies and cryptocurrencies."

BofA's system will also make use of a "risk score," a quotient designed to mitigate illicit activity on the exchange. The risk score is based in part on factors related to the party sending the transaction, the particular cryptocurrency involved, and the amount being exchanged.

It isn't a big shock that BofA has filed yet another blockchain-centric patent; to date, the bank has filed over 20 such patent applications, including two that are intended to address real-time tracking of data processing that overlapped in October 2017.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Bank of America, BofA or other Ethereum business and finance news.