Amid the increasing popularity of Bitcoin and other cryptocurrencies, a major bank in United States won a patent for crypto exchange system.
This is part of a larger, growing movement to incorporate cryptocurrency into traditional financial models.
With the rapid rise in value of Bitcoin, countries around the world are beginning to take the cryptocurrency more seriously.
In the United States, the second largest bank in the nation, Bank of America, has just won a patent for a crypto exchange system, which they intend to develop for corporate clients.
According to the report, the system would theoretically be able to easily convert one digital currency into another while establishing the exchange rate between those two currencies based on external data.
Talking more on the patent, it says that “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.
Technology that simplifies the conversion of digital currencies will make them not only easier to use but ideally will further legitimize cryptocurrencies in general.