A patent was awarded by the U.S. Patent and Trademark Office. A bank holding company with the largest number of assets in the U.S. described a potential cryptocurrency exchange system that would convert one digital currency into another.
According to the patent, that system would operate automatically, establishing the exchange rate between several digital currencies based on the external data feeds. This service would be available for incorporated companies.
“Companies may process a lot of financial transactions every day. Following the technological development, financial transaction maintaining cryptocurrency are becoming more and more widespread. For some enterprises it may be rather useful to have an opportunity to exchange currency and digital currency”, — concludes the patent.
It is not the first time when Bank of America expresses its interest in digital currencies and blockchain technology. In 2014 the bank applied for a patent for cryptocurrency-based wire transfer system. This system facilitates sender`s transfer in a local currency that converts into cryptocurrency, is sent to a foreign exchange and then converts into the recipient’s country currency.