Bank of America, a financial conglomerate, has developed a mechanism that will allow large companies, including exchanges and custodial services, to store their clients' cryptocurrency assets. According to CoinDesk, the bank received the corresponding patent on Tuesday, November 13.
The document says that a financial institution will need to have a single corporate account suitable for storing cryptocurrencies. For operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the vault.
At the same time, companies will need a processor and enough memory to store private keys for a cryptocurrency wallet. Transactions are possible with the appropriate authorization.
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 aggregate cryptocurrency deposited by customers in an enterprise account.
According to the developers, the patented system imposes more moderate requirements for network and memory bandwidth, and also consumes less computing and energy resources.