Capital One's Cryptocurrency AI System
The United States Patent and Trademark Office (USPTO) published a patent application on Aug. 13 for a cryptocurrency system filed by financial services company Capital One Services. It is a continuation of Capital One's system patented in June. Capital One Services is affiliated with Capital One Bank, a subsidiary of Capital One Financial Corp. The corporation had $304.2 billion in deposits and $421.3 billion in total assets as of June 30. A Fortune 500 company, Capital One trades on the New York Stock Exchange (NYSE) under the symbol COF.
Capital One explained that cryptocurrencies trade 24/7 so traders need to monitor information from many sources all day. Numerous factors could affect trade decisions, including regulatory and exchange news, stock market news, rumors, and opinions on social media such as on Twitter, Reddit, Youtube, and Telegram. There are also events that could affect the market, such as initial coin offerings (ICOs), forks, airdrops, hacks, rebranding, and company future plans. Capital One asserted that "it would be impossible for human traders to track all of the above-mentioned cryptocurrency-related data and respond to that data in real time."