Bank of America Secures a Crypto Patent

Author: 
Michael R.
Date: 
November 16, 2018
Read time: 
1 minute
Future
Cryptocurrencies
Bank of America

Recent reports show that Bank of America has patented a cryptocurrency aggregation system which allows other enterprise’s to store personal or client funds on their portal. The patent was officially granted to them on November 13th by the US Patent and Trademark Office.

Recent reports show that Bank of America has patented a cryptocurrency aggregation system which allows other enterprise’s to store personal or client funds on their portal. The patent was officially granted to them on November 13th by the US Patent and Trademark Office.

Bank of America, JP Morgan, and other major banks have historically spoken negatively about cryptocurrencies and the potential value they provide. Still, it is evident that they are quietly enthusiastic about the cryptocurrency market and acting on it with patents. The irony is that the cryptocurrency market was primarily created to get rid of the need for banks. Bank of America creating patents like this, despite the fact that they are vocally reluctant to enter the market, further supports reasons for the people’s distrust in banks. To make matters worse, this patent was filed in 2014 - which is much earlier in the cryptocurrency industry and when they did not even speak about it much.

cryptomaniaks

The takeaway here is that the future looks bright for the cryptocurrency and blockchain markets. The banks have been acting opposite to what they are announcing to the public. This deceitfulness is not appreciated by the general population and is the exact reason for the cryptocurrency revolution in the first place. Fortunately, many claim that these patents are rather meaningless.

If you want to learn more about the cryptocurrency space and stay one step ahead of the banks, then come check out our start investing guides today.

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