Bank of America Wants to Patent a Cryptocurrency Storage System

Bank of America, the second-largest banking institution in the United States, has filed another patent application for a system that manages cryptocurrency storage in an enterprise environment.

Public documents published on Thursday by the U.S. Patent & Trademark Office (USPTO) show that the Charlotte, NC-based firm has furthered its research into securing private keys in an institutional organization. The company first applied for this patent in April.

The patent, which specifically details how a computing device would manage blockchain encryption tags, is the continuation of a proposal for a cryptocurrency online vault storage system that Bank of America first began developing in 2014.

The patent envisions a future in which cryptocurrency is widely adopted by the general public but that consumers still entrust their funds to custodians such as banks rather than maintaining their own private keys.

The authors wrote:

“Enterprises may handle a large number of financial…