Cryptocurrency is well known for its decentralization methodology. At it’s inception, banks were detached from taking such currencies as a payment method but over time their thinking is growing up and trying to step up to the cryptocurrency world. Bank of America recently submitted for a patent which will allow them store cryptocurrencies for big companies which was disclosed by CNN. Blockchain technologies are being adopted worldwide indeed. In fashion, supply chain and social media sector security-heavy technology has been brought. But in groceries and home loan cryptocurrency hasn’t yet been adopted and it’s a point. This slower-than foreseen move of crypto has made many to invest whether the full progress from paper cash to advanced money will ever happen.
Bank of America is hard and soul trying to get into crypto space and very much willful of making a system which is called cryptocurrency aggregation system which will put these deposits in an enterprise account which protects the funds through vaults and offline storage. The bank wants to get into the space because of the availability and worldwide adoption of cryptocurrency. Hopefully, other institutions will get inspired by the bank. The total framework is intended to sidestep them, as Bank of America looks to nullify the requirement for clients of the venture to utilize an outsider currency exchange to execute an ideal money exchange. Bank of America wants to run crypto transactions with only those customers which also want to utilize crypto.