JAKARTA – When discussing cryptocurrencies at the World Economic Forum, CEO of Bank of America (BOA), Brian Moynihan revealed that his party has hundreds of patents on blockchain. Moynihan made this confession in an interview with Yahoo Finance Live in Davos, Switzerland.
“The reality is that we run a payments business across our platforms. It's trillions of dollars a day, and almost everything is digital," the BOA official said. “If you think about blockchain, we have hundreds of patents on blockchain as a process and as a tool and as a technology,” Moynihan added.
The BOA CEO further stated that his party would not engage more deeply with people in the crypto industry. Moynihan admitted “...we weren't allowed to, to be honest.”
The chairman of Bank of America insists it is not allowed to engage further with crypto because it is “regulated” by certain parties. Furthermore, Moynihan frankly, his side collided with regulations. But in terms of trading, BOA can do it.
“On the trade side, we can do it. Our research team wrote it,” he said.
Reporting from CryptoNewsWire, the Bank of America research team has been actively publishing reports related to cryptocurrencies. The bank officially formed a cryptocurrency research team in July last year.
In October, the research team began a lengthy report stating that digital assets are “too big to ignore.” The bank also sees a huge opportunity in the metaverse for the entire crypto ecosystem.
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