Bank of America getting into crypto

[QuestionAuthority]

BofA is not getting into crypto. This is old news from 2014. It was believed that BofA did this years ago to help the US government. If the government ever decides they want a crypto exchange shut down they can do it using this patent violation. The patent is very vague in composition and could be used against any exchange.


Assignee:   Bank of America Corporation (Charlotte, NC)
Family ID:   1000002990825
Appl. No.:   14/305,797
Filed:   June 16, 2014

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=9,836,790.PN.&OS=pn/9,836,790&RS=PN/9,836,790

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[1714721893]

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[pitiflin]

Now why would banks get into crypto while it was created for replacing banks, not all but a few of the cryptos. There's something else also that is probably going on which we are not able to see it coming. American users better beware of this. We may see it as a good news but something else would be going on. Plus it's the United States we are talking about. But whatever it shall be good or bad, we shall see past it in the coming years in not months.

[mostkey]

if this event is realized. it will become very real that bitcoin will slowly begin to dominate the world economy. we see America is one of the mecca of the economy. so it will be very sure bitcoin whhkill be boosted the price becomes very expensive

[soham]

Bank of America just won a patent to develop a crypto exchange system. Here is a short extract about what the patent states: Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.

The proposed system — which is, at present, only a patent and not yet a fully realized system — has three facets: the customer’s account, and the two businesses running the system. Like money in a traditional checking account, the customer would store their cryptocurrency in an account. The second account would hold currency to be sold, and the third would contain the currency the customer is converting to.

It's definitely not a surprise that more of the major financial actors want to get somehow involved in cryptocurrencies. I would expect both pure crypto companies and financial actors working more closely together in the near future, not exclusing M & A either since the market needs both type of companies.

Here is the link to the article I was refering to: https://futurism.com/bank-america-wins-patent-crypto-exchange-system/

I really doubt the authenticity of this news because Merill Lynch recently announced that they will not be supporting any crypto related account in their business. Since they are the same entity, I doubt BOA will ever support crypto in any form. I will try to follow their official announcement page to know more about their stand on bitcoin and crypto. But I hardly see any positive thing coming from them. Please recheck about the authenticity of this news.

[Jet Cash]

Isn't it time for the banks to define the meaning of crypto-currency as a part of the digital currency world. Will a patent be enforceable if it specifies a crypto process,but the currency is in fact a non-crypto digital currency.

[1Referee]

Be weary of BOA's motives.

They have been convicted of malicious and fraudulent practices in the not-so-distant past.

Every wall street bank has a not so clean past if we look at things a bit more in depth. The thing is that they all have enough cash to buy out every of their malicious actions of the past, and just continue with a clean sheet to demolish something else. It's a never ending cycle that keeps them on track for basically plenty of more years. As long as they know that they make more in profits than potential fines, it's a well worth action for them. Paying billions in fines is nothing more than collateral damage for these mighty institutions.

[Maglaver]

Big news indeed. This will help crypto to go mainstream and ad the value.
Once the transition is completed the bank will gain the control, or at least they will try.
Very interesting future and battle with banks is ahead.