Bank of America is stepping up its efforts in the blockchain industry. The bank has launched a research team that looks at digital assets and cryptocurrencies. It has also reported that it has begun allowing select clients to purchase bitcoin futures. This move is consistent with other financial institutions engaging in the space.
Bank of America owns a number of patents related to blockchain technology. The bank is pursuing blockchain technology as a way to secure their trade and commercial activities. While the bank has yet to figure out the right way to implement the technology, it has invested heavily in patents and technology. It has so far bought 50 blockchain-related patents, which can help it stay ahead of the curve.
Bank of America is a major financial institution that provides financial services to individuals, small businesses, and large corporations. Its network of over 4,300 retail financial centers and more than 17,000 ATMs provides unmatched convenience for its clients. In addition to this, it offers award-winning digital banking with 41 million active users.
The oldest bank in the United States is among the first to offer digital asset custody and exchange. The bank’s partnership with fintech companies Fireblocks and Chainalysis has helped the company secure the digital assets and meet the legal and compliance needs of its clients. This investment is expected to bring significant benefits to its clients.
The company’s strategy has also included a large amount of money in R3’s blockchain project. R3 is developing a distributed ledger technology for banks that will serve as an operating system for the financial markets. In May 2017, it raised $107M in funding from a consortium of banks. However, the company lost a major client, Goldman Sachs, because Goldman wanted to have operational control over the system.
Bank of America has been preparing for a blockchain future for five years. In that time, it has filed more patents than any other financial services company. Some of these include blockchain-powered ATMs and the storage of cryptocurrency keys. Still, the company remains skeptical about whether the technology will be useful in the near term.
The company also has a dedicated research team on the subject. It first established the team in July last year and released its first report on the topic in October. Among its findings, the bank’s research team said that the digital assets industry is too big to ignore and that the blockchain ecosystem has immense opportunity. In addition, the CEO said he does not feel he is missing the next big thing.