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 ---
--%
Tuesday Dec 11th 2018
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 Patents Cryptocurrency Storage Method

By

Nicholas

Ruggieri

WriterETHNews.com

The financial giant wants customers to be able to connect their crypto to an aggregated BofA account.

Bank of America seems to be aspiring to live up to its "life's better when we're connected" slogan, as it was awarded a patent that lays out a system for customers to store cryptocurrency in an account held with a financial enterprise.

The patent, which was published by the US Patent and Trademark Office on November 13, outlines several reasons why this might be valuable. Customers get increased security by storing their cryptocurrencies "in a cryptocurrency vault that is eventually taken offline." Furthermore, the manner in which it is done can lead to lower electricity consumption.

In order to hold a customer's cryptocurrency, a business would store the deposit in its own account. The patent explains: "The enterprise may decide to collect and aggregate cryptocurrency deposited by customers into a cryptocurrency account owned by the enterprise where the aggregated cryptocurrency may be securely stored."

The patent also describes the way in which a customer will be able to make payments with the crypto funds in their account, using a "payment instrument issued by the enterprise" associated with their cryptocurrency:

"To execute a transaction with cryptocurrency, an enterprise may receive a request from a customer using a payment instrument authorizing a payment of an amount of cryptocurrency. Essentially simultaneously or shortly thereafter, the enterprise may transfer the among of cryptocurrency from a customer account to a recipient of the payment."

Nicholas Ruggieri

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

ETHNews is committed to its Editorial Policy

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