	US 12,265,961 B2
	Systems and methods for sending and receiving math-based currency via a fiat currency account
Michael D. Dowling, San Francisco, CA (US); Jesse K. Lund, Coto de Caza, CA (US); and Frank S. Lee, Bakersfield, CA (US)
Assigned to Wells Fargo Bank, N.A., San Francisco, CA (US)
Filed by Wells Fargo Bank, N.A., San Francisco, CA (US)
Filed on Jul. 3, 2023, as Appl. No. 18/346,744.
Application 18/346,744 is a continuation of application No. 17/888,403, filed on Aug. 15, 2022, granted, now 11,727,395.
Application 17/888,403 is a continuation of application No. 15/387,862, filed on Dec. 22, 2016, granted, now 11,416,849, issued on Aug. 16, 2022.
Claims priority of provisional application 62/297,609, filed on Feb. 19, 2016.
Prior Publication US 2023/0342759 A1, Oct. 26, 2023
Int. Cl. G06Q 20/38 (2012.01); G06Q 20/06 (2012.01); G06Q 20/42 (2012.01)

CPC G06Q 20/381 (2013.01) [G06Q 20/065 (2013.01); G06Q 20/42 (2013.01)]

20 Claims

1. A method, comprising:

debiting, by a processor of a financial institution computing system in response to a transaction request to transfer a first amount of funds denominated in a math-based currency (MBC) from a financial account denominated in a fiat currency and assigned to an account holder, the financial account by a second amount of funds denominated in a fiat currency and equivalent to the first amount of funds denominated in MBC, based on a first current exchange rate between fiat currency and MBC;

transmitting, concurrently with the debiting, by the processor to an MBC partner, a request for the first current exchange rate;

transmitting, concurrently with the debiting, by the processor to the MBC partner, instructions to:

create a temporary account at the MBC partner denominated in MBC, the temporary account associated with the financial institution and separate from the financial account associated with the account holder,

exchange, from fiat currency at a reserve account provided by and assigned to the financial institution computing system and denominated in the fiat currency, the second amount of funds to MBC currency at the MBC partner, credit the temporary account with funds from the MBC partner comprising the first amount, and

transfer the first amount of funds in MBC from the temporary account to the recipient;

receiving, by the processor from the account holder, a confirmation in response to a transaction confirmation request;

transmitting, by the processor to the MBC partner in response to receiving the transaction confirmation request, a request for a second current exchange rate between the fiat currency and the MBC; and

verifying, by the processor, that the second current exchange rate is within a predetermined threshold of a first current exchange rate, wherein the financial account is debited in response to the verifying that the second current exchange rate is within the predetermined threshold of the first current exchange rate.