System and method for converting cryptocurrency to virtual assets
Summary
USPTO granted patent US12596999B2 to Uphold Global Foundation on April 7, 2026, covering a computer-based system that converts cryptocurrency into virtual assets whose value is substantiated by a reserve of assets. The system includes user account database, cryptocurrency account, and user interface servers configured to manage transfers and conversion requests. The patent contains 16 claims.
What changed
USPTO granted patent US12596999B2 to Uphold Global Foundation on April 7, 2026, covering a system and method for converting cryptocurrency to virtual assets backed by asset reserves. The system includes components for managing user accounts, receiving cryptocurrency transfers from external accounts, and processing conversion requests while maintaining accounting of system obligations to users. This patent grant provides Uphold Global Foundation with intellectual property protection for cryptocurrency-to-reserve-asset conversion technology.
Competitors developing similar cryptocurrency conversion or virtual asset systems should review this patent for potential licensing needs or design-around considerations. The patent's broad claims covering cryptocurrency account servers and user interface servers for asset conversion may affect how similar services are implemented in the cryptocurrency and digital payments industry.
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Apr 7, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
System and method for converting cryptocurrency to virtual assets whose value is substantiated by a reserve of assets
Grant US12596999B2 Kind: B2 Apr 07, 2026
Assignee
Uphold Global Foundation
Inventors
Halsey Mclean Minor
Abstract
A computer-based system converts cryptocurrency into a virtual asset. The system includes a user account database server configured to store data of a plurality of user accounts. The stored data pertains to each user account and indicates an accounting of obligations of the system to the user. The system also includes a cryptocurrency account server configured to receive, from a networked device of a user, a transfer of crypto currency, from an external cryptocurrency account. In response to receipt of such a transfer, the cryptocurrency account server is configured to update the data pertaining to the obligations of the system to the user. The system also includes a user interface server configured to receive a request from the user for conversion of cryptocurrency to an asset. In response to receipt of the request, the system updates the data pertaining to the user account of the user.
CPC Classifications
G06Q 20/06 G06Q 20/3678 G06Q 20/381 H04L 9/50 H04L 2209/56
Filing Date
2021-11-01
Application No.
17516617
Claims
16
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