New Bank of America Patent Hints at Plan to Store Cryptocurrency Keys

Bank of America (NYSE:BAC) was awarded a patent for a device that stores cryptographic keys on Tuesday, and the document’s details hint at applications for cryptocurrencies.

In a patent awarded Tuesday by the U.S. Patent and Trademark Office, the bank outlines a “hardened storage device” for storing private keys – such as those used for blockchain platforms – explaining that, at present, most keys are stored locally protected by nothing more than a password.

“In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like,” the patent states.

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