Tuesday, September 22, 2015

Bank of America into Bitcoin in published US application 20150262173

The first claim in the published application relating to manipulating cryptocurrency:

A system comprising:

a memory operable to: store a customer account associated with a customer; and

a processor communicatively coupled to the memory,

the memory including executable instructions that upon execution cause the system to: receive an electronic request for a fund transfer from the customer; initiate a debit of a first amount of a first currency from the customer account; determine whether using cryptocurrency is optimal; in response to determining using cryptocurrency is optimal: transfer the first amount of the first currency into an account associated with a first cryptocurrency exchange; initiate the purchase of a first quantity of a cryptocurrency from the first cryptocurrency exchange, wherein the first quantity of cryptocurrency is equivalent to the first amount of the first currency; transfer the first quantity of the cryptocurrency to a second cryptocurrency exchange; initiate, essentially simultaneously as the initiation of the purchase, the sale of the first quantity of the cryptocurrency at the second cryptocurrency exchange, wherein the sale of the first quantity of cryptocurrency results in a second amount of a second currency; and communicate a message to a local automated clearing house, the message requesting a transfer of at least a portion of the second amount of the second currency to a recipient.

Paragraph 12 of the specification:

FIG. 1 illustrates an example cryptocurrency wire transfer environment 100 according to certain embodiments. In general, wire transfers are used by enterprises, such as financial institutions, to transfer funds from one customer account to another customer account. Some wire transfers may move funds from a customer account in one country to a customer account in another country. In response, the enterprise may decide to use a cryptocurrency to transfer the funds. A cryptocurrency is typically a peer-to-peer, decentralized, digital currency whose implementation relies on the principles of cryptography to validate transactions and generate the currency itself. Some examples of cryptocurrencies are: Bitcoin, Litecoin, Ripple, Peercoin, and Dogecoin. In some instances, a cryptocurrency, such as MintChip, may be backed by a government (e.g., Canada). To transfer funds using cryptocurrency, an enterprise may receive payment from a customer and purchase a quantity of a chosen cryptocurrency, at a local cryptocurrency exchange, in an amount equivalent to the received payment. Essentially simultaneously or shortly thereafter, the enterprise may sell the quantity of the chosen cryptocurrency at a foreign cryptocurrency exchange, resulting in a foreign currency that is used by the country in which the recipient account is located. The enterprise may also transfer the quantity of the chosen cryptocurrency from the local cryptocurrency exchange to the foreign cryptocurrency exchange.


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