US 11,741,442 B1
Infrastructure for maintaining math-based currency accounts
Ashish B. Kurani, Hillsborough, 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 Jan. 8, 2021, as Appl. No. 17/145,053.
Application 17/145,053 is a continuation of application No. 14/282,202, filed on May 20, 2014, granted, now 10,909,509.
Int. Cl. G06Q 20/06 (2012.01); G06Q 20/38 (2012.01); G06Q 20/02 (2012.01); G06Q 40/02 (2023.01); G06Q 40/00 (2023.01)
CPC G06Q 20/0655 (2013.01) [G06Q 20/02 (2013.01); G06Q 20/065 (2013.01); G06Q 20/3829 (2013.01); G06Q 40/02 (2013.01); G06Q 40/00 (2013.01)] 20 Claims
OG exemplary drawing
 
1. A method of performing a withdrawal transaction, the method comprising:
receiving, by an account balance processor, a withdrawal request from a math based currency (MBC) account holder, the withdrawal request comprising information identifying the MBC account holder, an output currency type, and an MBC withdrawal amount, wherein the MBC withdrawal amount is a cryptocurrency;
verifying, by the account balance processor, the identity of the MBC account holder based on comparing the information with previously verified information;
determining, by the account balance processor, the MBC withdrawal amount is larger than an MBC account amount of the MBC account holder;
determining, by an MBC transaction processor, the output currency type is a different currency type of the MBC account holder, wherein the MBC account holder is associated with the MBC account amount;
exchanging, by an exchange processor, the MBC withdrawal amount of the different currency type with the output currency type;
providing, by the account balance processor, the MBC withdrawal amount in the output currency type to the MBC account holder;
creating, by the MBC transaction processor, a public and private key pair associated with an amount of MBC equivalent to the difference between the MBC withdrawal amount and the MBC account amount;
updating, by the MBC transaction processor, a pooled account database with the public and private key pair; and
updating, by the account balance processor, an overlay ledger by the MBC withdrawal amount.