Catherine Bessant admitted that the institution has yet to find blockchain use cases for the financial services sector.
Bank of America News
Bank of America (BofA) is an American financial conglomerate providing a wide range of financial services and is one of the largest bank holding companies in the USA in terms of assets. It was founded in 1904 and currently headquartered in Charlotte, NC. BofA has become the first financial establishment that has included cryptocurrency in a report about forthcoming financial risks. According to Bank of America, cryptocurrency is not just a threat for their budget, but it complicates the work of preventing money laundering. Also, the company has shown its dependence on innovations made in the market of financial services, including blockchain technology, which can demand a large amount of spending for its implementation. Despite the fact that the holding has expressed skepticism about using Bitcoin, Bank of America has registered some cryptocurrency-related patents in order to prevent customer outflow.
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A new strain of Trojan malware for Android phones is targeting global users of top crypto apps such as Coinbase, BitPay and Bitcoin Wallet.
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Catherine Bessant defended the bank’s record patent stockpile, arguing it was nevertheless necessary to be prepared for change.
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The U.S.’ second largest bank already has over 50 blockchain-related patents — more than any other entity.
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The Bank of America has won a patent for a system for enterprises to store customers’ crypto deposits.
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Bank of America leads in the blockchain patent race
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Bank of America has gained over 50 blockchain-based patents so far in what executives say is a plan to “be prepared.”
- Hodler’s Digest
The Wall Street Journal creates, then gets rid of, its own cryptocurrency and the Petro may be ready for public sale in November.
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The Bank of America has estimated that blockchain could be a $7 billion market and provide a major boost to corporate giants such as Microsoft and Amazon.
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BofA has filed a new patent for managing the communication of data from Internet of Things devices.
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Japan’s Nippon Telegraph and Telephone is mulling over using blockchain for contract storage, a patent filing reveals.
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Bank of America has added to its pile of blockchain patents this week with the release of a blockchain-based external data validation system filing.
- Hodler’s Digest
In a series of strong wins for blockchain adoption this week, Facebook is considering the technology for its messaging app, West Virginia ran the US’s first blo...
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Bank of America CTO Kathy Bessant has told mainstream media customers will continue to be banned from buying Bitcoin using its credit cards.
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The Bank of America’s patent for a Blockchain-based storage system has been published by the US Patent and Trademark Office.
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