Ohio Makes It Rain: Millions To Be Invested In Early-Stage Blockchain Startups

Ohio Makes It Rain: Millions To Be Invested In Early-Stage Blockchain Startups

December 3, 2018 10:58 PM

Several funds around Ohio want to support blockchain development. Yesterday at the Blockland Solutions Conference in Cleveland, Ohio, it was announced that technology funds JumpStart, FlashStarts, and several others plan to financially support nascent blockchain startups. Ray Leach, CEO of JumpStart, said his organization and six other groups want to invest $100 million, while FlashStarts is offering a $6 million pre-seed fund, according to a December 2 Cleveland.com report.

Investors are interested in startups that focus on blockchain’s role in business or government solutions. Indeed, these two realms – business and government – are Cleveland’s “niche,” according to Bernie Moreno, one of the key organizers behind the conference.

Leach added that within the next three years, investors intend to make $200 million available to blockchain startups, among other companies, that locate in poor neighborhoods designated as Ohio’s Opportunity Zones. The Opportunity Zones program, part of the federal Tax Cuts and Jobs Act of 2017, offers tax incentives to investment teams that re-invest their unrealized capital gains into Opportunity Funds, which then invest the capital into Opportunity Zone businesses.

Ohio’s funding announcement arrives against a backdrop of blockchain initiatives within the state. The Blockland Solutions Conference, which runs until tomorrow, December 4, is one part of Blockland Cleveland, a movement throughout the greater Cleveland area to cultivate an ecosystem for blockchain-based solutions.

Moreno, in addition to helping organize the conference, has been a cheerleader for the Blockland initative since its inception several months ago. Although there are various components to Blockland, such as multiple “nodes” working on projects to support the movement, Moreno also believes a gathering such as the Blockland Solutions Conference is important to attract people to the city and the state. He told ETHNews:

“The main goal is to have people … not from Cleveland say, ‘Whoa, this amazing conference happened in … Cleveland?’ That later becomes, ‘Of course a conference like this would happen only in Cleveland!'”

Brenda Kirk, co-chair of Blockland’s Talent Development node, added, “Cleveland is well suited to expand its technology ecosystem, and the success of the Blockland conference shows our dedication to remaining at the forefront of blockchain thought leadership.” As a member of the movement, she looks forward to “put[ting] Cleveland on the map” to further bring blockchain talent to the city.

Moreover, Ohio’s Lt. Governor-elect Jon Husted recently announced the InnovateOhio initiative to help modernize both state and local government. Though not strictly focused on blockchain, the program includes an effort to generate blockchain-based digital records for documents such as car titles, vehicle recall notices, and proofs of insurance.

With all the recent advancements, Ohio (especially Cleveland) has made tangible progress toward becoming a blockchain destination. “[People] would be shocked at what they’d find here,” said Moreno.


Update (12/3/2018): This article has been updated with information from Brenda Kirk, co-chair of Blockland Cleveland’s Talent Development node.

Daniel Putney is a full-time writer for ETHNews. He received his bachelor’s degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.

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Source: Ohio Makes It Rain: Millions To Be Invested In Early-Stage Blockchain Startups

Bitwala Begins Offering Bank Accounts With Bitcoin Wallet and Debit Card

Bitwala Begins Offering Bank Accounts With Bitcoin Wallet and Debit Card

Cryptocurrency banking provider Bitwala has started offering its banking service to cryptocurrency users in Germany, starting with 40,000 pre-registered customers. A spokesperson for the company has shared details with news.Bitcoin.com about this new service which will soon add support for additional countries and cryptocurrencies.

New Banking Service for Crypto Users

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardBitwala announced on Wednesday, Dec. 12, that it has started offering banking service to cryptocurrency users. “New users along with the 40,000 pre-registered customers will be onboarded one after the other based on their waitlist place,” the announcement read.

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardThe bank accounts are hosted by Berlin-based Solarisbank. This Bitwala partner has a banking license, so it is supervised by Bafin and Bundesbank, Germany’s banking authorities.

Roman Kessler, a spokesperson for Bitwala, told news.Bitcoin.com:

For now, only German residents can go through the KYC [know-your-customer] process. Very soon, hopefully already in January, this will be extended to other jurisdictions inside of the EU.

Account opening takes a few minutes, the company noted, adding that customers need an ID to open an account. They must also complete the KYC process which includes video verification. The company also explained that “As with any bank account in Germany, all euro deposits up to €100,000 [~$113,274] are protected by the German Deposit Guarantee Scheme (DGS).”

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit Card

Bank Account With Crypto Support

With the new Bitwala bank accounts, users will receive an Iban and a contactless debit card which will allow them to buy and sell BTC and manage expenses. The Bitwala account comes with a bitcoin wallet. Users can manage both their BTC and euro deposits in one place, the announcement describes.

Bitwala Begins Providing Bank Accounts With Bitcoin Wallet and Debit CardA Bitwala debit card.

“The new bank account offers users SEPA transactions, easy management of recurring payments, and comes with a debit card for on-the-go payments and ATM cash withdrawals,” Christoph Iwaniez, the company’s chief financial officer, commented. “For instance, customers will be able to use their Bitwala account to receive salary payments and pay their rent. And if you want to trade bitcoin, you can draw liquidity from the same current account.”

Kessler further shared with news.Bitcoin.com:

Only bitcoin [is supported] at the moment. You can access them through a multi-sig wallet to which only you have the private key. Other cryptocurrencies to follow shortly.

He also emphasized that “The online bank account and the [debit] card are free,” but trading between BTC and EUR costs 1 percent. “According to our market research that is 5 percentage points below market average.”

What do you think of Bitwala’s new service? Let us know in the comments section below.

Images courtesy of Shutterstock and Bitwala.

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Gibraltar Blockchain Exchange To Offer Crypto Insurance

Gibraltar Blockchain Exchange To Offer Crypto Insurance

December 11, 2018 11:37 PM

The policy will insure hot and cold wallets and all forms of professional indemnity.

The Gibraltar Blockchain Exchange (GBX) will begin providing insurance for digital assets stored on its platform, according to a December 10 announcement on the exchange’s website.

Per the announcement, the GBX has finalized the drafting of an insurance policy in collaboration with Gibraltar-based Callaghan Insurance, which will be responsible for administering the policy.

The policy will insure digital assets listed on the GBX exchange and will cover both cold wallets (stored offline) and hot wallets (stored online). The announcement also states that “the new insurance coverage…covers all forms of professional indemnity.”

For those readers unfamiliar with professional indemnity insurance, it provides insurance coverage for certain professionals who allegedly provide inadequate services to their clients/customers. The insurance covers legal costs and expenses in defending claims such as malpractice, breach of duties, and professional negligence. It is unclear to what extent such coverage will benefit the average customer with digital assets stored on the exchange, and the announcement fails to go into further detail.

The GBX recently obtained full regulatory approval from the Gibraltar Financial Service Commission by receiving a “Distributed Ledger Technology (DLT license).” But, outside the island, it is far from the first financial services company to provide its clients with digital asset insurance.

In August, Reuters reported that cryptocurrency storage platform Kingdom Trust had acquired cryptocurrency insurance coverage through long-established insurance provider Lloyds of London to protect its customers against “theft and destruction of those assets.”

Additionally, in October, the head of risk at Gemini, Yusuf Hussain, announced that the exchange was going to insure funds held in wallets stored online as such wallets were more vulnerable to theft.

(The GBX was unavailable for comment by press time.)

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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Source: Gibraltar Blockchain Exchange To Offer Crypto Insurance

SEC Delays Bitcoin ETF Decision Until Next Year

SEC Delays Bitcoin ETF Decision Until Next Year

December 8, 2018 12:17 AM

The commission wants crypto to be free from the threat of price manipulation before it approves a bitcoin exchange traded-fund.

Yesterday, the US Securities and Exchange Commission (SEC) decided to delay a decision to approve a proposal presented by the Chicago Board Options Exchange (CBOE). The proposal outlined a rule change that would allow it to “list and trade shares of SolidX bitcoin shares issued by the VanEck SolidX Bitcoin Trust,” thereby creating the first bitcoin exchange-traded fund (ETF).

According to the notice published by the SEC, the exchange first filed the proposal on June 20. On August 7, the SEC delayed its decision until September 20. However, the regulatory body again failed to make a decision, and yesterday announced it would again delay a decision on whether to approve the VanEck SolidX Bitcoin Trust ETF – this time until February 27, 2019.

Note: Although the CBOE filed its proposal on June 20, the investment management firms VanEck and SolidX first filed registration paperwork with the SEC to pursue a bitcoin ETF on June 6.

In a seemingly last-ditch effort to receive approval from the SEC, on November 28, representatives from VanEck and SolidX met with the SEC and made the case that the bitcoin market is mature enough and safe enough to support an ETF.

In a presentation, the two firms compared digital assets to physical assets such as crude oil, silver, and gold. Furthermore, they likened those markets to the bitcoin market, saying, “Similar to commodity futures, the spot and futures prices [of bitcoin] are tightly linked.” In their eyes, this is evidence of a “well-functioning capital market.”

When speaking to the resilience of bitcoin markets, VanEx and SolidX pointed out that 1) those who wish to manipulate the bitcoin market must have funds spread across multiple trading platforms; 2) the global price of bitcoin would have to be manipulated in order for it to be changed on a specific platform; and 3) “the homogeneity of bitcoin makes for a uniform worldwide market rather than regional semi-independent markets that result in non-fungibility and market fragmentation.”

For these reasons, the two companies posit that bitcoin is no more vulnerable to price manipulation than any other commodity when compared to already approved exchange-traded products.

This presentation was brought before the SEC just one day after SEC chair Jay Clayton said he would only be comfortable in approving a crypto-related ETF when cryptocurrency is free from the threats of price manipulation.

The SEC has yet to approve a bitcoin ETF. In July, the SEC rejected a proposal for a bitcoin ETF presented by Cameron and Tylor Winklevoss. A month later, SEC staff rejected nine different proposals for bitcoin ETFs, although the commissioners later said they would review the action.

Just yesterday, Commissioner Hester Peirce, who is generally considered friendly to crypto, stated:

“Don’t hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people.”

The SEC was not available for comment by press time.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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Source: SEC Delays Bitcoin ETF Decision Until Next Year

Kyber Introduces Proof-Of-Payment Standard

Kyber Introduces Proof-Of-Payment Standard

The network aims to “foster collaboration to improve payment flows within the ecosystem” with its ERC1257 implementation.

Kyber Network, a decentralized exchange, allows for ERC20 tokens to be used as payment on the blockchain in a decentralized manner. In its latest Medium post, Kyber explains its new Ethereum Improvement Proposal (EIP), ERC1257, which seeks to standardize the reporting of transactions through a proof-of-payment system. Initially floated in July by Kyber co-founder Victor Tran and CTO Yaron Velner, the proposed standard would help track payments made by both humans and EDCCs (aka smart contracts).

The Problems Kyber Wants to Solve

The post specifies the difficulty online merchant have when it comes to tracking user payments as payment receipts. Currently, vendors can use transaction hashes and unique deposit addresses for tracking purposes, but Kyber makes the argument that this strategy is inefficient when applied to payments done by EDCCs due to the “difficulty in tracing and parsing payments done by ‘internal transactions.'”

Secondly, the Medium post notes that simply tracking the amount and transaction hash may not be all a vendor needs, as the payment may have to reflect the order ID as well. Kyber finds that in order to fix this problem, merchants often open unique deposit addresses where one order ID corresponds to one deposit address. According to Kyber, however, this method:

“becomes a hassle due to gas issues, where the merchant needs to pay gas for 1. Sending ETH to these deposit addresses which will be used to pay for gas for step 2; and 2. Making ETH/ERC20 token transfer to a consolidated wallet address once payment is made.”

As a result, merchants end up suffering from payment of gas fees when utilizing multiple addresses.

How the Proposal Works and What It Means for Kyber’s Platform

The ERC1257 proposal essentially “standardizes a set of basic parameters to log payments through an EVM log.” The parameters of the log will include the information for who made the payment, who received the payment, what token the payment was made in, the amount paid in the token’s units, and the application-specific auxiliary data.

Kyber plans to implement the standardization in its own widget – as well as in both current and upcoming network tools – meaning that users of the exchange will no longer need to open unique deposit addresses just to reflect one order ID for each address. The log will also record the decentralized token payments for both humans and EDCCs.

The network already allows users to manually trade one token for another at close to market rates (not deviating more than 1.5 percent from the prices on centralized exchanges) and lets merchants automatically accept payment in any supported token. The ERC1257 proposal to standardize and simplify receipt and order ID information seems to only add to Kyber’s hope of “different stakeholders work[ing] together seamlessly … increase[ing] adoption of decentralized token payments.”

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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Source: Kyber Introduces Proof-Of-Payment Standard

Amazon Announces Pair Of Blockchain Services

Amazon Announces Pair Of Blockchain Services

November 29, 2018 11:52 PM

Amazon Quantum Ledger Database and Amazon Managed Blockchain may attract users, but the notion of a managed blockchain will strike some as a contradiction in terms.

Yesterday, online retail giant Amazon.com announced the development of two new blockchain services in a bid to offer customers a seemingly better way to store data and cut the cost of developing individual enterprise blockchain platforms.

The Amazon Quantum Ledger Database

Announced Wednesday, the Amazon Quantum Ledger Database (QLDB) is meant to provide customers with a “transparent, immutable, and cryptographically verifiable ledger.” Amazon says customers will be able to use this ledger to develop applications that will provide them a way to accurately record transactions made by multiple parties within a “centralized, trusted entity” using an unchangeable transaction log. For example, Smaato, an online advertisement exchange, will use QLDB to create and maintain a record of all its auctions and create transparency from start to finish.

According to the press release, QLDB is “serverless,” which eliminates the need for customers to “provision capacity or configure read and write limits.” Amazon states that all customers need to do is to create a ledger and define their tables – QLDB “will automatically scale to support application demands.”

Additionally, Amazon claims that by not requiring distributed consensus, QLDB is able to process more transactions faster than many blockchain platforms and will be compatible with the Amazon Managed Blockchain.

The Amazon Managed Blockchain

With the Amazon Managed Blockchain, the retail giant hopes to entice business owners looking to implement blockchain technology but who don’t want to take on the challenge and cost of building their own blockchain platform.

According to the press release, all customers have to do is pick their preferred infrastructure –the Amazon Managed Blockchain supports both the Ethereum platform and Hyperledger Fabric – add network participants, and configure the member nodes responsible for processing transactions. After that, it says:

“Amazon Managed Blockchain takes care of the rest, creating a blockchain network that can span multiple [Amazon Web Services] AWS accounts with multiple nodes per member, and configuring software, security, and network settings. For a permissioned network, Amazon Managed Blockchain secures and manages blockchain network certificates with AWS Key Management Service, eliminating the need for customers to set up their own secure key storage.”

Additionally, Amazon claims the new blockchain platform allows customers to easily replicate transactions from the blockchain and put them on the QLDB.

What Is Amazon Going to Do with All This Data?

One of the main ideas behind blockchain technology is giving individuals true ownership and mastery of their data. This is not only true for private citizens, but for companies as well. This data is not supposed to be owned or managed by a “centralized, trusted authority,” i.e., Amazon. A managed blockchain, then, may strike some as a contradiction in terms.

The online retailer uses the data provided freely by customers to market different products and services to individuals, and according to the Amazon Privacy Notice, it does share customer data with affiliated businesses not directly controlled by Amazon, third-party service providers, and businesses offering certain promotional offers.

ETHNews reached out to Amazon with questions about how Amazon will treat the data stored on the new platforms and whether said data might be used for marketing or financial gain. However, Amazon has yet to respond to our questions.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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Source: Amazon Announces Pair Of Blockchain Services

WTO: Blockchains Could Add $1 Trillion To World Trade By 2030

WTO: Blockchains Could Add $1 Trillion To World Trade By 2030

November 28, 2018 8:21 PM

The estimate was provided in a recent report, “Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation.”

The World Trade Organization released a report yesterday arguing that blockchain and distributed ledger technology could be a boon for international trade.

The report, “Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation,” looks at the effects of the technology on industries such as custom clearance, logistics, trade finance, and transportation. The WTO found that blockchain has the potential to increase transparency and simplify process automation, clearing away some common trade hurdles. “The removal of barriers due to blockchain could result in more than $1 trillion of new trade in the next decade,” the report reads.

Despite this, the report recognizes blockchain as a technology in its infancy, with challenges that must be addressed before widespread adoption. Among the identified issues are limited scalability due to predetermined block sizes, energy consumption, and security issues.

“Blockchain could make international trade smarter, but smart trade requires smart solutions and smart standardization – which can only be developed through cooperation,” the report reads. “If we succeed in creating an ecosystem conducive to the wider development of Blockchain, international trade may look radically different in 10 to 15 years.”

Earlier this week, Ethereum founder Vitalik Buterin, in an interview with Quartz, addressed the hype around blockchain technology, intimating that blockchain is too specialized a solution to apply to every industry, despite the potential for higher standards of transparency and efficiency. The WTO report concurs, stating:

“While it presents interesting features, Blockchain cannot, however, solve everything, as the current hype surrounding it tends to lead us to believe … Building a blockchain platform is a task that requires careful consideration by and coordination among potential participants, in order to analyse the opportunities and limitations of Blockchain in comparison to other, less ambitious, alternatives…”

Frederick Reese is a politics and cryptocurrency reporter based in New York. He is also a former teacher, an early adopter of bitcoin and Litecoin, and an enthusiast of all things geeky and nerdy.

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Source: WTO: Blockchains Could Add $1 Trillion To World Trade By 2030

Trezor Warns Of Fake Hardware Wallets

Trezor Warns Of Fake Hardware Wallets

November 20, 2018 11:53 PM

They may be cheaper, but don’t take that as a good sign.

SatoshiLabs, creator of popular cryptocurrency hardware wallet the Trezor, has issued a warning to consumers to only buy from the Trezor shop, Amazon, or its authorized resellers.

Although Trezor has seen imitations and clones during its history, the company has now “discovered something more startling” in the form of a “one to one” copy, or fake, of the Trezor One device made by an unknown party. The warning says:

“While Trezor clones are marketed under a different name, manufactured by (legitimate) legal companies, allowing you to distinguish them from the original, a fake Trezor tries to replicate the original to the bone.”

The new fake Trezor devices carry the Trezor branding and many of its outwardly visible security features. The first red flag, says Trezor, is the cheaper price of these hardware wallet devices.

But before users go out to grab cheaper devices, SatoshiLabs warns they are unsuitable for secure cryptocurrency storage and buyers should not trust a company that has already “cheated” by selling a fake product. It’s asking savvy crypto-consumers to report fake devices to Trezor and is pursuing “legal and other steps” to prevent the copy hardware wallets from being produced and sold.

Trezor buyers can ensure they have a genuine device by checking their purchase for a holographic seal. SatoshiLabs cautions against buying devices from eBay, Taobao, AliExpress, and unknown Amazon resellers, or other sources.

Considering the size of the hardware wallet market, worth an estimated $95 million in 2017 and expected to reach over $391 million by 2023, it’s no surprise that fakes have appeared. As well as imitation and now outright fakery, cryptocurrency hardware wallets also face attacks from hackers attempting to breach either software or hardware to steal users’ cryptocurrency balances.

Hardware-based cryptocurrency storage, or cold storage, is still viewed as safer than leaving high-value balances in online wallets. Trezor and Ledger lead the hardware device market, but there are other options. The Parity Signer application, for example, can turn an old phone into a safe hardware wallet.

Melanie Kramer is a freelance FinTech, blockchain, and cryptocurrency writer based between France and Canada. Melanie has studied, and retains an avid interest in, global politics, business, and economics.

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Source: Trezor Warns Of Fake Hardware Wallets

Singapore’s Central Bank Will Soon Regulate Crypto Payment Services

Singapore’s Central Bank Will Soon Regulate Crypto Payment Services

November 20, 2018 8:06 PM

Cryptocurrency payment services will be required to apply for one of three licenses: a money-changer, a standard payment institution, or a major payment institution.

The Monetary Authority of Singapore (MAS), the country’s central bank, finalized its Payment Services Bill yesterday, November 19. To keep up with the evolving payment landscape and guard against emerging risks, the bill sets up a new regulatory framework for payment services and allows crypto payment services to become licensed providers.

Currently, under the Payment Systems (Oversight) Act (2006) and the Money-Changing and Remittance Businesses Act (1979), cryptocurrency service providers fall outside of MAS’s jurisdiction. According to Singapore Law Watch, however, the new bill will allow Singapore’s central bank to regulate “the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use the platform, money changing and the dealing in and exchange of digital payment tokens such as bitcoin.”

To conduct any of these services, cryptocurrency payment services will be required to apply for licenses as one of the following: a money-changer, a standard payment institution, or a major payment institution.

In an explanatory brief, money-changing and standard payment institutions “will be regulated primarily for [money laundering]/[terrorism financing],” while major payment institutions will be regulated more comprehensively. Standard payment institutions will only be able to accept, process, or execute “a monthly average of payment transactions above $3 million in a calendar year,” with major payment institutions handling everything above that specific threshold.

Tharman Shanmugaratnam, the deputy prime minister and minister in charge of MAS, also clarified that:

“[T]he threshold of e-money that will be protected under the [Payment Services Bill] will be lowered from S$30 million to S$5million. This means that any e-money held by a payment institution will be wholly safeguarded if the average daily float exceeds S$5 million. If the average daily float does not exceed S$5 million, the safeguarding measures will not apply, provided the payment institution makes appropriate disclosures to consumers.”

This clarification may be to reassure crypto payment firms that they will not be over-regulated by MAS. Instead, the requirement to disclose risk to clients gives users the ability to choose what best fits their risk profile.

MAS will allow up to 12 months for payment service providers to comply with the changes when the new bill is enforced next year; digital payment tokens will be given six months to comply.

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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Source: Singapore’s Central Bank Will Soon Regulate Crypto Payment Services

Bank Of America Patents Cryptocurrency Storage Method

Bank Of America Patents Cryptocurrency Storage Method

November 15, 2018 7:20 PM

The financial giant wants customers to be able to connect their crypto to an aggregated BofA account.

Bank of America seems to be aspiring to live up to its “life’s better when we’re connected” slogan, as it was awarded a patent that lays out a system for customers to store cryptocurrency in an account held with a financial enterprise.

The patent, which was published by the US Patent and Trademark Office on November 13, outlines several reasons why this might be valuable. Customers get increased security by storing their cryptocurrencies “in a cryptocurrency vault that is eventually taken offline.” Furthermore, the manner in which it is done can lead to lower electricity consumption.

In order to hold a customer’s cryptocurrency, a business would store the deposit in its own account. The patent explains: “The enterprise may decide to collect and aggregate cryptocurrency deposited by customers into a cryptocurrency account owned by the enterprise where the aggregated cryptocurrency may be securely stored.”

The patent also describes the way in which a customer will be able to make payments with the crypto funds in their account, using a “payment instrument issued by the enterprise” associated with their cryptocurrency:

“To execute a transaction with cryptocurrency, an enterprise may receive a request from a customer using a payment instrument authorizing a payment of an amount of cryptocurrency. Essentially simultaneously or shortly thereafter, the enterprise may transfer the among of cryptocurrency from a customer account to a recipient of the payment.”

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

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Source: Bank Of America Patents Cryptocurrency Storage Method