In a major move for cryptocurrencies, Bank of America has won a patent for a crypto exchange system. This is part of a larger, growing movement to incorporate crypto into traditional financial models. As cryptocurrencies like Bitcoin continue to rapidly rise in value, countries around the world are beginning to take the cryptocurrency more seriously. In the United States, the second largest bank in the nation, Bank of America, has just won a patent for a crypto exchange system, which they intend to develop for corporate clients. The system would theoretically be able to easily convert one digital currency into another while establishing the exchange rate between those two currencies based on external data. The proposed system — which is, at present, only a patent and not yet a fully realized system — has three facets: the customer’s account, and the two businesses running the system. Like money in a traditional checking account, the customer would store their cryptocurrency in an account. The second account would hold currency to be sold, and the third would contain the currency the customer is converting to. Read more here…

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