Cryptocurrency Real-Time Conversion System

• US 20150363769A1
• Filed: 06/16/2014
• Published: 12/17/2015
• Est. Priority Date: 06/16/2014
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ronca, James G., Blackhurst, Jason P., Castinado, Joseph B., Dolan, Heather, Durbin, Thomas E., Thomas, Richard H.
• Application Number:
  US14/306,054
• Publication Number:
  US 20150363769A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system comprises a memory operable to store a set of conversion rules. The system also comprises a processor communicatively coupled to the memory. The processor is able to receive an electronic request for a cryptocurrency conversion requesting a conversion of a first currency into a second currency, wherein the second currency is a cryptocurrency. The processor is further able to retrieve price data associated with the first and second currencies and determine whether the conversion is optimal. In response to determining the conversion is optimal, the processor determines a plurality of exchange rates associated with converting the first currency into the second currency and determines an optimal exchange rate of the plurality of exchange rates. The processor is further able to initiate, essentially simultaneously as the determination that the conversion is optimal, converting the first currency into the second currency.

Claims

1. A system comprising:

a memory operable to;

store a set of conversion rules; and

a processor communicatively coupled to the memory, the memory including executable instructions that upon execution by the processor cause the system to;

receive an electronic request for a cryptocurrency conversion, the electronic request requesting a conversion of a first currency into a second currency, wherein the second currency is a cryptocurrency;

retrieve price data associated with the first and second currencies, the price data indicating at least a value of the first currency and a value of the second currency;

determine, based at least in part upon the price data and the set of conversion rules, whether the conversion is optimal; and

in response to determining the conversion is optimal;

determine a plurality of exchange rates associated with converting the first currency into the second currency;

determine, based at least in part upon the data and the set of conversion rules, an optimal exchange rate of the plurality of exchange rates; and

initiate, essentially simultaneously as the determination that the conversion is optimal, converting the first currency into the second currency.

2. The system of claim 1, the memory further including executable instructions that upon execution cause the system to, in response to determining the conversion is not optimal, communicate a message indicating the conversion is not optimal to a customer.

3. The system of claim 1, wherein determining whether the conversion is optimal further comprises:

retrieving price data associated with a plurality of cryptocurrencies, the price data indicating at least a value of each of the plurality of cryptocurrencies;

comparing price data associated with the second currency to price data associated with the plurality of cryptocurrencies;

determining whether a value of at least one of the plurality of cryptocurrencies is greater than a value of the second currency; and

in response to determining the value of at least one of the plurality of cryptocurrencies is greater than a value of the second currency, determining that the conversion is not optimal.

4. The system of claim 1, wherein determining whether the conversion is optimal is based at least in part upon:

cryptocurrency price;

volatility of the cryptocurrency;

popularity of the cryptocurrency; and

availability of the cryptocurrency.

5. The system of claim 1, wherein determining whether the conversion is optimal is based at least in part upon a date threshold associated with the electronic request.

6. The system of claim 1, wherein the request comprises:

a date threshold; and

a benefit threshold;

wherein determining whether the conversion is optimal comprises;

calculating a first conversion at a first time before the date threshold;

determining the first conversion is less than the benefit threshold;

calculating a second conversion at a second time before the date threshold;

determining the second conversion is greater than the benefit threshold; and

in response to determining the second conversion is greater than the benefit threshold, determining the second conversion is optimal.

7. A method comprising:

storing, using a processor, a set of conversion rules;

receiving, at a network interface, an electronic request for a cryptocurrency conversion, the electronic request requesting a conversion of a first currency into a second currency, wherein the second currency is a cryptocurrency;

retrieving, by the processor, price data associated with the first and second currencies, the price data indicating at least a value of the first currency and a value of the second currency;

determining, based at least in part upon the price data and the set of conversion rules, whether the conversion is optimal; and

in response to determining the conversion is optimal;

determining a plurality of exchange rates associated with converting the first currency into the second currency;

determining, based at least in part upon the data and the set of conversion rules, an optimal exchange rate of the plurality of exchange rates; and

initiating, essentially simultaneously as the determination that the conversion is optimal, converting the first currency into the second currency.

8. The method of claim 7, wherein in response to determining the conversion is not optimal, a message indicating the conversion is not optimal is communicate to a customer.

9. The method of claim 7, wherein determining whether the conversion is optimal further comprises:

retrieving price data associated with a plurality of cryptocurrencies, the price data indicating at least a value of each of the plurality of cryptocurrencies;

comparing price data associated with the second currency to price data associated with the plurality of cryptocurrencies;

determining whether a value of at least one of the plurality of cryptocurrencies is greater than a value of the second currency; and

in response to determining the value of at least one of the plurality of cryptocurrencies is greater than a value of the second currency, determining that the conversion is not optimal.

10. The method of claim 7, wherein determining whether the conversion is optimal is based at least in part upon:

cryptocurrency price;

volatility of the cryptocurrency;

popularity of the crypto currency; and

availability of the cryptocurrency.

11. The method of claim 7, wherein determining whether the conversion is optimal is based at least in part upon a date threshold associated with the electronic request.

12. The method of claim 7, wherein the request comprises:

a date threshold; and

a benefit threshold;

wherein determining whether the conversion is optimal comprises;

calculating a first conversion at a first time before the date threshold;

determining the first conversion is less than the benefit threshold;

calculating a second conversion at a second time before the date threshold;

determining the second conversion is greater than the benefit threshold; and

in response to determining the second conversion is greater than the benefit threshold, determining the second conversion is optimal.

13. A server comprising:

a memory operable to;

store a set of conversion rules;

a processor communicatively coupled to the memory, the memory including executable instructions that upon execution by the processor cause the system to;

receive an electronic request for a cryptocurrency conversion, the electronic request requesting a conversion of a first currency into a second currency, wherein the second currency is a cryptocurrency;

retrieve price data associated with the first and second currencies, the price data indicating at least a value of the first currency and a value of the second currency;

determine, based at least in part upon the price data and the set of conversion rules, whether the conversion is optimal; and

in response to determining the conversion is optimal;

determine a plurality of exchange rates associated with converting the first currency into the second currency;

determine, based at least in part upon the data and the set of conversion rules, an optimal exchange rate of the plurality of exchange rates; and

initiate, essentially simultaneously as the determination that the conversion is optimal, converting the first currency into the second currency.

14. The server of claim 13, the memory further including executable instructions that upon execution cause the system to, in response to determining the conversion is not optimal, communicate a message indicating the conversion is not optimal to a customer.

15. The server of claim 13, wherein determining whether the conversion is optimal further comprises:

retrieving price data associated with a plurality of cryptocurrencies, the price data indicating at least a value of each of the plurality of cryptocurrencies;

comparing price data associated with the second currency to price data associated with the plurality of cryptocurrencies;

determining whether a value of at least one of the plurality of cryptocurrencies is greater than a value of the second currency; and

in response to determining the value of at least one of the plurality of cryptocurrencies is greater than a value of the second currency, determining that the conversion is not optimal.

16. The server of claim 13, wherein determining whether the conversion is optimal is based at least in part upon:

cryptocurrency price;

volatility of the cryptocurrency;

popularity of the cryptocurrency; and

availability of the cryptocurrency.

17. The server of claim 13, wherein determining whether the conversion is optimal is based at least in part upon a date threshold associated with the electronic request.

18. The server of claim 13, wherein the request comprises:

a date threshold; and

a benefit threshold;

wherein determining whether the conversion is optimal comprises;

calculating a first conversion at a first time before the date threshold;

determining the first conversion is less than the benefit threshold;

calculating a second conversion at a second time before the date threshold;

determining the second conversion is greater than the benefit threshold; and

in response to determining the second conversion is greater than the benefit threshold, determining the second conversion is optimal.