BY CNA team - November 14, 2018
BofA patents aggregated crypto storage platform
Bank of America (BofA) continues to move into the crypto space, with another patent awarded for enabling the storage of crypto assets by businesses on behalf of their customers.
The patent, which was awarded by the US Patent and Trademark Office on Nov 13, is for the invention of a storage platform that includes a processor and memory to store a private key.
BofA says the system will aggregate the crypto assets deposited by customers in an enterprise account as some businesses may find that this form of storage may be desirable.
The invention is anticipating a time when cryptocurrencies see mass adoption and financial transactions involving them become more common.
BofA was awarded a patent for a device storing cryptographic keys at the end of October.