BofA Seeking Patent For 'Multi-Tiered' Crypto Wallet Security

Law360 (August 19, 2019, 7:47 PM EDT) -- Bank of America has filed a patent application for a digital wallet security system that can be used to partition cryptocurrency holdings into different tiers with distinct passwords, ostensibly giving wallet holders more control over their digital assets.

Last Thursday, the U.S. Patent and Trademark Office published the bank’s February 2018 application for “Multi-Tiered Digital Wallet Security,” which describes systems and methods for allowing users to break their digital currency holdings into one or more differentiated storage compartments, or “tiers.”

Each tier may be password protected and only permit access to an amount of digital currency holdings dictated by the user,...

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