The bank has filed a number of patents for blockchain-related solutions over the past couple of years and, despite its aversion to crypto, has now filed a patent related to digital currency wallets.
Cathy Bessant, the tech and operations chief for Bank of America, stated in an interview with CNBC that she is “open-minded” about blockchain, but admitted to being “bearish” when it comes to her own private sentiment.
The patent describes a system for facilitating cash handling via the blockchain, leveraging the advantages of distributed ledger tech for improving efficiency and effectiveness.
Bank of America has secured its latest cryptocurrency patent, in the form of a hardware device designed to securely store cryptographic keys offline.
The Bank of America has filed a patent application with the U.S. Patent and Trademark Office for the development of a cryptocurrency storage system.
It would appear that BoA executives recognize cryptocurrency for what it really is—a real future for currency.
Bank of America, Citibank and JP Morgan have all put restrictions on their users' credit cards to prohibit them from being used for buying digital currency.