Cryptocurrency payment and distribution platform
AssigneeNew York Digital Investment Group LLC
InventorsPatrick Sells, Steven Schnall
Life of this patent
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Abstract
In embodiments of the present disclosure, a third-party cryptocurrency payment and distribution platform is provided that may facilitate the orchestration of fiat-to-cryptocurrency and cryptocurrency-to-fiat currency exchanges without necessitating a bank's direct involvement in the cryptocurrency transactions, but rather enables banks and other entities to provide access to cryptocurrency services for their customers through an external entity.
Claims7
1-13. (canceled)
A method for configuring and initiating a cryptocurrency payment and distribution platform, comprising:
- identifying, by a processing system having one or more processors, a fiat account associated with a user;
- wherein the account is controlled by a financial service provider;
- identifying, by the processing system, a cryptocurrency wallet associated with a user;
- wherein the wallet is controlled by the platform;
- identifying, by the processing system, a cryptocurrency valuation;
- identifying, by the processing system, a fiat currency valuation;
- receiving, by the processing system, a request for payment from an entity;
- wherein the payment is for a product or service associated with the entity;
- withdrawing, by the processing system, a cryptocurrency amount from the wallet;
- wherein the cryptocurrency amount corresponds to the request for payment based on the cryptocurrency valuation;
- exchanging, by the processing system, the cryptocurrency amount for a fiat currency amount corresponding value of;
- and
- transferring the fiat currency amount to the entity to satisfy the request for payment.
The method of claim 15, wherein the financial service provider is a bank.
19-35. (canceled)
Dependencies are inferred from the claim text.