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Traditional banks tempted Bitcoin? Bank of America, the second largest bank in the United States, won the cryptocurrency exchange patent

Bank of America, the nation's second-largest bank, has officially won a cryptocurrency exchange patent. A conceptual overview of BOA's cryptocurrency trading platform outlines three types of accounts for which users and businesses can exchange digital assets immediately.

Bank of America approved a crypto currency exchange patent

On December 5, the U.S. Patent and Trademark Office (USPTO) authorized the financial institution Bank of America (BOA) a patent to create an encrypted currency exchange. The summary of this patent describes three types of accounts for this platform system. The first account is provided to consumers to store digital funds. The second and third accounts, known as "floating accounts," allow for rapid digital asset exchange, analogous to a centralized Shapeshift concept.

In the past year, BOA was one of the most patented banks that applied for blockchain and cryptocurrency. The bank has previously applied for more than 20 patents, ranging from digital asset solutions to public and private blockchain concepts. The digital asset trading platform patent application in June 2014. This patent, called Encrypted Currency Conversion System, is fairly well explained in the abstract.

"The system also includes a memory-attached processor that receives electronic requests for currency exchange and determines the exchange rate from currency one to currency two.The processor also determines the optimal exchange rate."

Although BOA holds the majority of cryptocurrency patents, the bank may still close client accounts if they trade Bitcoin

Although BOA is trying to get a lot of blockchain and cryptocurrency patents, the bank is not friendly to Bitcoin traders. The financial institution was concerned about shutting down user accounts trading bitcoins. There have also been many cases in which BOA closed accounts that customers used to purchase cryptocurrencies in apps like Coinbase. In fact, in December this year, a client received an 8-page document asking for his encrypted currency usage and was asked to complete the document before the account was closed.

Ironically, the approval of the latest BOA-controlled Cryptocurrency exchange patent shows that the bank favors digital assets and the agency may well use the patent to create the exchange's platform in the near future.