Judging by the latest Bank of America patent, the bank is thinking about creating an automated system that will help companies make cryptocurrency conversions and transfers.
The bank described a potential system for transferring one cryptocurrency to another. In the future, an automatic component may be added to this system. Algorithms will exchange cryptocurrencies based on their rates. The system will consist of three parts: a client part in which the user can manage his cryptocurrency, and two service parts, one of which will contain the original cryptocurrency, and the other the one that the client wants to buy. From the last part, the purchased cryptocurrency will be transferred back to the client's account.
This system will collect information from various external sources. Based on it, the bank will form its internal exchange rate. The patent notes that the system is designed for corporate clients. This means that the bank does not yet see private cryptocurrency holders among its clients. The patent notes that the system will also be able to assess the risks of ongoing transactions and calculate dubious transactions. If the operation looks suspicious, the system will not carry out it, the patent explains. It also says that with such a service, clients will be able to make international payments: first transfer to cryptocurrency, then forward to the recipient, who again transfers the cryptocurrency to real money.
According to https://www.coindesk.com
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