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.