Is This Bank’s Blockchain-Powered Crypto Wallet a Game Changer?

By CCN Markets: Bank of America (BofA) continues its steady creep into the crypto world, filing another blockchain-related patent application. This new one is particularly interesting because it’s for a crypto wallet.

CCN discussed the move with several crypto players. Here’s what they had to say.

Is BofA’s move game-changing?

BofA’s latest crypto-related patent application was published by the U.S. Patent and Trademark Office on Aug. 15. The second-largest U.S. bank wants to create a multi-tiered digital wallet using blockchain.

Tim Weiss, CEO of digital wallet provider DigitalBank Vault LTD, said:

“It is a game-changer, indeed. It is a needed move for the entire crypto industry, a move that signals to the public that a new era is starting and that banks are finally accepting cryptocurrencies and ready to store them in a safe and controlled way.”

Nicholas Krapels, business development and blockchain lead at Konstellation, said the sheer number of patents BofA has managed to accumulate is impressive but noted some of them have begun to lapse.

“This pattern demonstrates that BAC does not really have a coherent blockchain strategy and is just looking for something – anything – to show their investors that they’ve ticked the box on [distributed ledger technology.”

How BofA can be a game-changer

Alex McDougall, chief investment officer at Bicameral Ventures, said about BofA’s move:

“While BofA’s multi-layer wallet patent application is very interesting on its own, the real value will potentially be unlocked if this is a signal that BofA is turning its mind to becoming a player in the ‘picks and shovels’ layer of the blockchain industry.”

Igor Chugunov, CEO and founder of CREDITS Blockchain Platform, takes issue with BofA’s wishy-washy blockchain stance.

“The most interesting thing is that the bank management denies the…

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