Bank of America got a crypto-exchange system patent

Now this Bank can offer cryptocurrency exchange services for corporations
07 December 2017   945

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.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   182

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.