This week saw centuries-old UK bank stalwart and international giant, Barclays Bank, joining the queue for exclusive rights to elements of the cryptocurrency system by applying for two crypto patents. Meanwhile another giant of traditional banking, Mastercard, had its patent application regarding a method of speeding up cryptocurrency payments approved.
Increasing numbers of fiat financial institutions, who once slammed the decentralized cryptocurrency, are now going after “owning” rights to the technology and systems that power it, by adding patents to their portfolios. The Bank of America already holds 45, the most crypto patents so far owned by one institution. The most recent of these was issued in May this year.
JP Morgan Still in the Crypto patent Line
Still waiting for the go-ahead is the world’s sixth largest bank, and once one of cryptocurrency’s biggest critics, JP Morgan, which reportedly gave patenting crypto systems another go earlier this year. This is after being turned down by the United States Patent and Trademark Office no less than 175 times when it first tried in 2013.
JP Morgan’s newest application is to do with “systems and methods of management of assets or obligation-backed virtual receipts on a distributed system”.
Barclays Enters the Fray
The 375-year-old Barclays is asking for two patents, one on “Secure Digital Data Operations” and the other on “Data Validation and Storage”. The bank, which is a staple of both the English and New York stock exchanges has been called the most powerful bank globally in some quarters.
Also one of those fiat institutions to originally feel threatened by the asteroid-like arrival of cryptocurrency in the financial orbit, Barclays has changed its tune in the past couple of years. There have been rumblings in the cryptocurrency sphere that Barclays might even launch its own desk for trading cryptocurrency. Indicating that this could be more than just a rumour is the fact that the old patriarch of British banking teamed up with Coinbase earlier this year.