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Topic: Bank of America will help large financial institutions to store cryptocurrency - page 2. (Read 357 times)
November 14, 2018, 08:12:50 PM
November 14, 2018, 08:08:52 PM
The financial conglomerate Bank of America has developed a mechanism that will allow large companies, including exchanges and custodial services, to store cryptocurrency assets of their clients. According to CoinDesk, the Bank received the corresponding patent on Tuesday, November 13.
The document says that the financial institution will need to have a single corporate account suitable for storing cryptocurrencies. To carry out operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the storage.
At the same time, companies will need a processor and a sufficient amount of memory to store private keys to the cryptocurrency wallet. Transactions are possible with the appropriate authorization.
"In order for the client to be able to carry out transactions with his cryptocurrency, the company will provide him with access to the account associated with his assets," Bank of America notes.
According to the developers, the patented system imposes more moderate requirements for network bandwidth and memory, and consumes less computing and energy resources.
source forklog.com
Bank want to gather citizens money, so they can lend the money to industry. I think this step has been taken by them because they know the trend and they can't stop it so they try to adapt with the current situation. They should gather fund to increase investment rate, so I think all of bank will do the same thing. The document says that the financial institution will need to have a single corporate account suitable for storing cryptocurrencies. To carry out operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the storage.
At the same time, companies will need a processor and a sufficient amount of memory to store private keys to the cryptocurrency wallet. Transactions are possible with the appropriate authorization.
"In order for the client to be able to carry out transactions with his cryptocurrency, the company will provide him with access to the account associated with his assets," Bank of America notes.
According to the developers, the patented system imposes more moderate requirements for network bandwidth and memory, and consumes less computing and energy resources.
source forklog.com
November 14, 2018, 05:27:57 PM
I second the opinion pamlek here! Banks have now realized that cryptos can't be stopped by passing a regulation in favor of the banks. So as a precautionary measure, they have decided to become a part of the ecosystem with controlling interest! Even though this service is not designed for the common mass, but carries a significant risk to cryptos. The power of common people should stay in the hand of common people.
November 14, 2018, 05:19:41 PM
The whole point of Bitcoin is to take the power away from financial institutions and give it to the people and now a "bank" wants to centralise the ecosystem?!
Source: https://bitcoin.org/bitcoin.pdf
Quote
A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution.
payments to be sent directly from one party to another without going through a
financial institution.
Source: https://bitcoin.org/bitcoin.pdf
November 14, 2018, 10:29:21 AM
The financial conglomerate Bank of America has developed a mechanism that will allow large companies, including exchanges and custodial services, to store cryptocurrency assets of their clients. According to CoinDesk, the Bank received the corresponding patent on Tuesday, November 13.
The document says that the financial institution will need to have a single corporate account suitable for storing cryptocurrencies. To carry out operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the storage.
At the same time, companies will need a processor and a sufficient amount of memory to store private keys to the cryptocurrency wallet. Transactions are possible with the appropriate authorization.
"In order for the client to be able to carry out transactions with his cryptocurrency, the company will provide him with access to the account associated with his assets," Bank of America notes.
According to the developers, the patented system imposes more moderate requirements for network bandwidth and memory, and consumes less computing and energy resources.
source forklog.com
The document says that the financial institution will need to have a single corporate account suitable for storing cryptocurrencies. To carry out operations, the client will be credited with an equivalent amount of funds, while the cryptocurrency itself will remain in the storage.
At the same time, companies will need a processor and a sufficient amount of memory to store private keys to the cryptocurrency wallet. Transactions are possible with the appropriate authorization.
"In order for the client to be able to carry out transactions with his cryptocurrency, the company will provide him with access to the account associated with his assets," Bank of America notes.
According to the developers, the patented system imposes more moderate requirements for network bandwidth and memory, and consumes less computing and energy resources.
source forklog.com
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