The second-largest bank in the U.S. Bank of America got a patent for cryptocurrency exchange system which allows to offer cryptocurrency exchange services for its corporate clients. In a patent awarded by the U.S. Patent and Trademark Office, the Bank outlined a potential cryptocurrency exchange system that would convert one digital currency into another. Also this system would be automated to put the exchange rate between two cryptocurrencies by different data feeds.
According to the patent the system would consist of three part. The first part would be a customer’s account. The other two would be accounts owned by the business running the system. The user would store their chosen cryptocurrency through the customer account. The second account would act as a holding area for the cryptocurrency which the customer is selling. The third account would contain the equivalent amount of the cryptocurrency which the customer is converting his money in.
This third account would then deposit the converted money back into the original customer account for withdrawal. The system would get data from external information of cryptocurrency exchange rates sources, and use this data to put its own optimal rate. This service would be for enterprise-level customers.
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.
According to the patent
Also this system could evaluate potential illicit trades transactions, calculating a risk score in accordance with the transfering amount of cryptocurrency and other available information.