Bank of America (BofA), has filed a patent for a blockchain-based crypto storage system, according to a document published by the US Patent and Trademarks Office (USPTO).
Bank of America, the second largest banking chain in the United States, has recently filed its second patent related to cryptocurrency custodian control, this time proposing a system that provides cryptocurrency storage for large-scale enterprise. According to public documents filed to the U.S. Patent and Trademark Office and published on Thursday, Bank of America is primarily targeting institutional investors and other enterprise in forming a source for securing private keys. This comes in addition to a similar cryptocurrency patent application filed in 2014, giving some credence to the idea that the Charlotte, North Carolina-based bank is looking to make a move into cryptocurrency, albeit in a limited capacity for now.
So far, the Bank of America has filed more than 50 blockchain-based patents, putting its name among the largest holders of blockchain-related patents and becoming the leader in this category, even beating the popular tech giant and ‘patent-hunter’ IBM.
The US’s second-largest bank is the largest holder of blockchain-related patents among all companies. As of June, it had filed nearly 50, even beating out IBM.
The latter is hot on its heels, however. Earlier this month, Coin Rivet reported that the tech giant had applied for a blockchain patent to ensure transaction compliance through nodes data, according to a document published by USPTO.
However, the bank is comings to cryptocurrencies, despite acquiring patents on the development of a digital currency exchange system in December 2017. Earlier this year, however, the bank admitted to the regulators that it may not be able to compete with the growing use of cryptocurrency and that this inability may harm their business.
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