Bank of America wins patent for cryptocurrency storage system

Posted 14 November, 2018

Bank of America has successfully registered the cryptocurrency aggregation system.

The company has created a system that may help large companies (in particular, trading platforms and custody services) store cryptos of their clients. The US Patent and Trademarks Office approved the bank’s application on November 13.

In case of interest in new financial instruments, large companies are said to face a need for a storage solution. For now, many enterprises reportedly can deal with cryptos as well as offer crypto-based services, and sometimes they may convert fiats into digital coins entailing the need for storing digital assets of their clients. 

According to the patent, a company must open a single corporate cryptocurrency account. A client, in its turn, will receive funds in equivalent amount, while crypto coins will remain in the storage.

Bank of America commented that a client will receive access to the account associated only with the cryptos of this client.  The system will include a processor and sufficient amount of memory to keep private keys.

“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 aggregate cryptocurrency deposited by customers in an enterprise account,” reads the patent. 

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15 November, 2018 11:29

← US dollar trims gains vs majors

The US dollar has lost grounds vs the majors at the Asian trading on Thursday. For now, the players are studying the message of Jerome Powell as well as Brexit issue. The euro is stronger vs the greenback today, with the rate staying at some $1.1320 for now. At the same time, yesterday's session was closed at $1.1310. Weaker dollar positions were recorded in the pair with the Japanese yen. The US dollar-to-yen exchange rate was at 113.53 (113.63 a day before). For reference, the euro changed hands vs the yen at 128.74 (128.51). 

US dollar trims gains vs majors

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14 November, 2018 15:17

AurumCoin faces 51% attack with almost 16,000 coins stolen from trading platform →

AurumCoin team has reported the 51% attack, which resulted in a loss of 15,752.26 (some $571,000) from the Cryptopia platform. The probable scenario of the accident is following – the hacker sent the funds to Cryptopia account, exchanged into other crypto and then cancelled transaction using on-hand capacities.

AurumCoin faces 51% attack with almost 16,000 coins stolen from trading platform
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