Capital One, a leading finance company in the United States is patent-protecting an AI-backed cryptocurrency trading and analytical program that will be able to seek market trends and patterns and suggest optimal trading strategies.
The banking company was granted the patent by the United States Patent and Trademark Office (USPTO) on August 13 for an upcoming cryptocurrency program, resuming the one started in June. Capital One Services is associated with Capital One Bank, under the financial corporation with the same name. It is a Fortune 500 company that possesses more than 420 billion in assets by June 30.
Cryptocurrency trading occurs 24/7 across numerous platforms and sources. Constant monitoring is required. Many factors affect the rise and fall of the market. Activity is reliant on regulation changes, new trade information, stock market activity, speculations and news from various social media sites. Other events that can affect activity are initial coin offerings, hacks, future plans of companies.
According to Capital One, it is “impossible for human traders to track all of the above-mentioned cryptocurrency-related data and respond to that data in real time.” Verification of the data in real-time is also logically unattainable.
A visible centralized platform that performs all those operations at once and at the same time give optimal trading suggestions is needed especially with the rise of cryptocurrency as legitimate digital asset.
The program will be able to verify credibility of data regarding cryptocurrency markets, predict trends, generate informed solutions and actions, and perform customized transactions based on the available information with its artificial intelligence system.