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Bank of America will launch a cryptocurrency wallet


The American bank, one of the four largest financial conglomerates in the USA, has patented a multi-level system for storing digital money.

On August 15th, the US Patent and Trade mark Office published a Bank of America patent application for a "multi-tier e-wallet security system." Thus, one of the largest American financial institutions is planning to create a cryptocurrency repository that will be divided into several levels, each of which will have a separate password protection.

As one of the problems in this area, experts call the possibility of losing private keys and the lack of control over their assets due to control by third parties, as existing digital wallets either require users to keep their own private keys, or allow their private keys to be stored by third parties . However, as indicated in the application, the user will be able to divide the cryptocurrency into several parts, each of them will be password protected, and it will be possible to provide access only to the volume of assets that the user will determine.

Last year Bank of America also patented a cryptocurrency storage system for large companies. According to the bank, an increasing number of users will need to use digital money because of the technology development.

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