Systems and methods for sending and receiving math-based currency via a fiat currency account
US11727395B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Aug 15, 2022 |
| Grant date | Aug 15, 2023 |
| Priority date | — |
| Expiry date | Aug 15, 2042 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/42
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method performed by a processor of a financial institution computing system includes authorizing an account holder to execute transactions in an MBC from a financial account of the account holder that includes funds in a fiat currency. A transaction request is received, including a request to transfer a first amount of funds from the financial account to a recipient. The first amount is defined in MBC. The financial account is debited by a second amount, which is an amount of fiat currency equivalent to the first amount of MBC. A service call is transmitted to the MBC partner. The service call includes instructions to create a temporary account to hold the MBC, to exchange the second amount from fiat currency to MBC, to credit the temporary account with the funds exchanged to MBC, and to transfer the first amount in MBC from the temporary account to the recipient.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.