Systems and methods for sending and receiving math-based currency via a fiat currency account

Number of patents in Portfolio can not be more than 2000

United States of America

PATENT NO 12265961
APP PUB NO 20230342759A1
SERIAL NO

18346744

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Importance

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Abstract

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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.

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Patent Owner(s)

  • WELLS FARGO BANK, N.A.

International Classification(s)

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Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Dowling, Michael D San Francisco, US 8 47
Lee, Frank S Bakersfield, US 10 501
Lund, Jesse K Coto de Caza, US 3 0

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