Bank Of America to provide Crypto Storage Solution for Big Companies

Bank of America, the second largest bank in America obtains a patent that supposes to secure cryptocurrency storage through a ‘tamper responsive’ remote storage of private keys.

The system will be used for storing private keys rather than coins directly. This will help big companies to store customers’ crypto deposits in an enterprise account involving vaults and offline storage rather than taking on the risk themselves.

The patent was file a couple of years ago and finally able to acquired it recently.

As per the abstract of the patent:

“A system includes a memory and a processor. The memory may store a customer account associated with a customer and an enterprise account associated with an enterprise. The processor may be communicatively coupled to the memory and may cause the system to receive a request to deposit a first amount of a cryptocurrency in the customer account from the customer. The processor may also cause the system to determine a public key associated with the customer account and receive the first amount of the cryptocurrency. The processor may further cause the system to determine a first value approximately equivalent to the first amount of cryptocurrency and associate the first value with the customer account. The processor is further able to aggregate the first amount of cryptocurrency with an aggregated amount of the cryptocurrency in the enterprise account and facilitate securing the public key in the enterprise account.”

There are many patents secured by banks and financial institutions simply shows the interest to use of cryptocurrency in future and the growth in crypto custodial services by major players will encourage the institutional investors to invest in this new asset class.