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One of the largest US banks creates its own crypto wallet

The American financial conglomerate Bank of America, which is one of the four largest financial conglomerates in the USA and ranks 6th among the largest companies in the world, has patented a "multi-level system for the safe storage of digital money"

The corresponding application was published by the US Patent and Trademark Office.

“The user will be able to divide the cryptocurrency into several parts. Each of them will be password protected and provide access only to such a volume of assets as determined by the user, ”the patent application says.

The application said that the infrastructure of today's digital wallets is very vulnerable and not thought out, and therefore should be improved. Among the problems there is the possibility of losing private keys and the lack of full control of wallet owners over their assets due to control by third parties.

Last fall, Bank of America patented a cryptocurrency storage system for large companies. Then representatives of the bank noted that with the development of technology, more and more organizations will need to use digital money.

Earlier, Bank of America stated that Bitcoin is a bubble and forbade customers to use credit cards to buy cryptocurrencies.


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