While still critical of cryptocurrency in the public sphere, the Bank of America (BoA) added another patent to it’s growing collection on October 30, 2018. The bank now holds more than 50 cryptocurrency and blockchain patents. Surpassing even Alibaba and IBM, this number is quite the contrast to the next highest bank/financial institution – the Royal Bank of Canada, holding only eight.
BoA obtained it’s first cryptocurrency related patent back in March 2014 and was likely the first patent reserved by a major retail bank globally, and certainly in the USA.
Michael Wuehler, a blockchain specialist that previously worked with BoA, and whose name is on more than 10% of the patents claims that it is unlikely BoA will develop the patents and are only for publicity and to make the bank appear forward and fintec friendly. Either way, BoA may not develop the patents, but for now they hold first mover advantage.