And the institutional FOMO continues across global investment banks. Every day there is a new headline, a new story, a newly minted ‘blockchain’ executive at each of these firms confirming mass adoption within the fiat financial system. Case in point: Bank of America.
Bank of America has applied for a patent that covers a cryptocurrency storage system for use by custodians.
Specifically, the application describes a computing device that can manage blockchain encryption tags and handle a substantial number of daily transactions.
The US Patent & Trademark Office published details of the application on Thursday following its initial filing in April. It outlines a system of entrusting cryptocurrency accounts’ secured private keys to a custodian third party such as a bank. It appears to anticipate a future where the general public has mass adopted cryptocurrencies and require traditional banking services for their assets.
Describing its place and necessity in the future of financial services, the application reads: ”As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency.” The Bank of America began its development of this online cryptocurrency vault system in 2014.
So while top leaders at Bank of America have publicly derided Bitcoin and cryptocurrency in general, actions speak louder than words. And they are preparing for the rollout of custody solutions, structured products, and payment systems. Book it.
And just another reminder that this follows developments over the past 30-45 days all embuing continued institutional movement into the crypto space: billionaires making price predictions, Novogratz spreading the gospel, Goldman Sachs diving deeper into client crypto trading, Nasdaq preparing to list coins, Morgan Stanley adding Bitcoin analysts, and all manner of Bitcoin ETF chatter.
The movement grows and broadens. And Bank of America doesn’t want to be left behind. You shouldn’t be either.