Cryptocurrency News

Is the Crypto Wallet at Bank of America a Game Changer?

Reporting from CCN, Bank of America (BofA) continues to creep stable into the crypto world, by filing another patent application related to the blockchain. This new patent is very interesting due to the crypto wallet.

BofA’s latest crypto-related patent application was issued by the US Patent and Trademark Office on August 15, 2019. The second largest US bank wants to make a multi-tiered digital wallet using a blockchain. Following are the results of CCN discussions with several crypto players.

Tim Weiss, CEO of advanced wallet supplier DigitalBank Vault LTD, stated, “Without a doubt, this is a distinct advantage. This is a stage that is required for the whole crypto industry, a development that signs to the open that another time is starting and that banks have at long last acknowledged the digital money and are prepared to keep it in a sheltered and controlled spot.”

Nicholas Krapels, business development and blockchain leader at Constellation, said that the large number of patents successfully accumulated by BofA is impressive, but remember that some of their patents have begun to disappear.

Alex McDougall, Head of Investment at Bicameral Ventures, said about BofA’s move, “Although the BofA multi-layer wallet patent application is very interesting, the true value could potentially be unlocked if this is a signal that BofA changed its mind to become a player in the ‘picks and shovels’ layer of the blockchain industry. ”

Igor Chugunov, CEO and founder of the CREDITS Blockchain Platform, took issue with BofA’s blatant blockchain attitude.

Hector Hoyos, CEO and CTO of HOYOS Integrity Corporation, said that traditional banks must answer these two key questions:

When will they offer storage in the form of crypto assets to their customers?
When will they be involved in receiving retail crypto currencies?

“The answer to these two questions is that they have positioned themselves and thus put forward stating that, but it is possible that alternative financial services companies such as payment processors can functionally defeat them for that,” Hoyos said.

David Martin, Chief Compliance Officer and founder of Crypto Clarity LLC, an advisory and consulting services company, said, “Who knows how BofA’s products and services, not to mention JPMorgan and Facebook, will be fair to user groups or how successful they will be.”

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