Bank of America got a crypto-exchange system patent

Now this Bank can offer cryptocurrency exchange services for corporations
07 December 2017   785

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.

Poloniex to Suspend Operations for Few Hours

Representatives of the exchange say users' funds will be completely safe during maintenance
21 February 2019   55

The cryptocurrency exchange Poloniex has announced maintenance, which will begin on February 22 at 22 UTC. The trading platform will be unavailable for several hours.

Representatives of the exchange claim that the users' funds will be completely safe. Technical work associated with the modernization and transition "to the best data centers, which will increase the reliability of the platform and increase uptime."

Also in Poloniex noted that the trade orders of users will not be canceled.

Recall, recently Poloniex has added to the listing of privacy-oriented cryptocurrency Grin.