Caution around cryptocurrencies in the U.S. means American fintech companies and banks are losing their share of patents to firms in South Korea and China, particularly the state-backed Bank of China, according to research by Cipher. Of the 25 patents granted and related to cryptos in the U.S., 11 are owned by Bank of America, the report noted. The study found 437 total cyptocurrency patents granted and pending worldwide.
The state-owned Bank of China, on the other hand, is the world’s leading owner of crypto innovation, with 56 granted and pending patents. South Korea-based Coinplug, which created the first bitcoin ATM, owns 18 patents.
“Patents provide a unique lens through which to filter hype from reality,” explained Nigel Swycher, CEO of Cipher. “As we enter the fourth industrial revolution, invention and innovation will be center stage and will disrupt the way transactions are made, recorded and funded. Cryptocurrency, as part of the broader race for blockchain applications, is only in its infancy. Our data reveals companies large and small, and in all parts of the planet, are taking this very seriously.”