28 Sep '15, 5pm

#bitcoin

Bank of America (BoA) has filed a patent application titled “System and Method for Wire Transfers Using Cryptocurrency .” The application was filed in March and published on September 17 by the U.S. Patents and Trademarks Office. The BoA filing describes an alternative to traditional wire transfers. The funds are first transferred to a cryptocurrency exchange, then converted to a cryptocurrency such as bitcoin, then sent to another exchange, and finally converted into another currency for the recipient. In other words, BoA wants to patent the concept of using a cryptocurrency as a transparent intermediate step for fiat currency transfers. “A system includes a memory and a processor,” reads the abstract of the filing. “The processor is coupled to the memory and causes the system to receive an electronic request for a fund transfer and initiate a debit of a first amount of a...

Full article: https://bitcoinmagazine.com/articles/bank-of-america-file...

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