BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS

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BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS

This abstract first appeared for US patent application 20240257237 titled 'BLOCKCHAIN-BASED FIAT CURRENCY CONVERSIONS AND TRANSFERS

Original Abstract Submitted

instances of a cloud-based service are provided. a first instance resides in a sender's country associated with a sender of a remittance; a second instance resides in a recipient's country associated with a recipient of the remittance. the sender provides the first instance a financial account of the recipient in the recipient's country. the sender sends an amount of cryptocurrency from a sender's wallet to a custodial wallet of the sender that is maintained by the first instance in a pooled wallet. while the transfer is pending on a blockchain (bc), the pooled wallet is used by the second instance to locate an exchange with a lowest conversion rate for redeeming the amount into a fiat current associated with the recipient's country. the amount is redeemed through the exchange and while the exchange is pending the second instance transfers the fiat currency directly to the recipient's financial account.