Bank of America got a crypto-exchange system patent

Now this Bank can offer cryptocurrency exchange services for corporations
07 December 2017   418

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.

HTMLCoin swap process comes to an end

On March 27 HTMLCoin finalizes the swap procedure of old HTML5Coin into HTMLCoin at a rate 3:1 and thus the migration to a new blockchain will be officially completed
21 March 2018   30

In full accordance with the swap schedule, March 27 marks the end of the swap procedure of the old HTML5Coin token into new HTMLCoin token. This final stage of the swap that lasted roughly 14 days is considered to be late stage and thus the rate is 3 (old) : 1 (new).

A special web form was prepared so that the users could fill it out and perform the swat themselves (therefore it was called 'Self-swap service'). The users can use this form for both the HTML5Coin wallet addresses and YoBIT exchange withdrawal code called 'Yobit code'. The HTMLCoin team warns that sometimes the YoBIT exchange withdrawal function may not work and recommends repeating the procedure later or contact HTMLCoin support for help with the withdrawal.

The actual swap are going to be handled on Saturday, March 31. The official end date of the swap procedure is set on March 28. This swap is due to the migration of HTMLCoin to a new blockchain with new features for freelancers and segregated minorities (e-learning programs, job hunting and connections, freelance mobile app). These rich features all aim to empower freelancers and vulnerable communities to new bold opportunities, learn new skills and apply them immediately. Freelancers-Business platform is set to connect companies and freelancers to help adopt these innovative concept.

As of the moment of publication, the HTMLCoin market indicators are as follows:

Average price: $0.000541

Market cap: $35,579,234

Volume (24h): $70,079