Bank of America began preparations for the launch of a cryptocurrency wallet

The bank, which is one of the four largest financial conglomerates in the United States, has patented a multi-level system for the safe storage of digital money

The US Patent and Trademark Office published a request from Bank of America under the heading “Multi-Level Digital Wallets Security System”. One of the largest American financial conglomerates is preparing to create a cryptocurrency repository that will be divided into several levels, each of them is protected by a separate password.

“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.

According to the authors of the document, the infrastructure of digital wallets should be improved, since now it is not safe enough. Among the problems in this area, experts called the possibility of losing private keys and the lack of full control 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.

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