Is Bank of America to operate a crypto wallet?
Following a number of patents secured by Chase, Bank of America decided not to be left behind either. The second largest bank in the U.S. was recently awarded a patent for secure crypto keys storage, which shows yet again its interest in the industry and the intention to dominate the market.
According to the patent documents, the system will be used primarily for storing private keys instead of only tokens. The patented technology was created in order to provide tamper-proof and secure storage, avoiding even the slightest chance of misappropriation. The reason behind creating the technology was lack of a proper one currently on the market, since even smartphones don’t provide a real-time notification if a breach occurs.
According to this patent filing, Bank of America is looking to launch a crypto wallet and eventually become a bank for both crypto and traditional currency. The patent secures their place in the line, since this technology is going to be used everywhere – not only banks, but crypto exchanges as well.