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Cryptocurrency: Industrial Applications
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Application US20190325473
Published 2019-10-24
Reward Point Redemption For Cryptocurrency
A system and method for the redemption of reward points for cryptocurrency is disclosed. The system may allow transaction account holders to redeem earned reward points for a selected cryptocurrency. The transaction account holders may establish a blockchain wallet to maintain and track the cryptocurrency. The system may interact with an exchange API of a cryptocurrency exchange platform to purchase the cryptocurrency for a blockchain wallet address associated with the blockchain wallet, or to initiate a transfer of pre-purchased cryptocurrency to the blockchain wallet. The system may provide additional authentication measures to ensure that the transaction is initiated by the transaction account holder and that the transaction account holder understands the potential risks of investing in cryptocurrencies.
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- 1. A method comprising:
receiving, by a transaction network, a cryptocurrency redemption request comprising a user identifier, a reward points redemption amount, and a cryptocurrency type; retrieving, by the transaction network in electronic communication with a rewards database, a user blockchain wallet address associated with the user identifier; transmitting, by the transaction network in electronic communication with a cryptocurrency exchange API, a cryptocurrency purchase request comprising the user blockchain wallet address; and receiving, by the transaction network and from the cryptocurrency exchange API, a transaction link in response to the cryptocurrency exchange API completing the cryptocurrency purchase request, wherein the cryptocurrency exchange API is configured to complete the cryptocurrency purchase request by writing transaction data to a blockchain, and wherein the transaction link comprises a link to the transaction data on the blockchain comprising the transaction data of the completed cryptocurrency purchase request.
- 8. A computer-based system for redeeming reward points for cryptocurrency, comprising:
a processor; and a tangible, non-transitory memory configured to communicate with the processor, the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause a transaction network to perform operations comprising: receiving, by the transaction network, a cryptocurrency redemption request comprising a user identifier, a reward points redemption amount, and a cryptocurrency type; retrieving, by the transaction network in electronic communication with a rewards database, a user blockchain wallet address associated with the user identifier; transmitting, by the transaction network in electronic communication with a cryptocurrency exchange API, a cryptocurrency purchase request comprising the user blockchain wallet address; and receiving, by the transaction network and from the cryptocurrency exchange API, a transaction link in response to the cryptocurrency exchange API completing the cryptocurrency purchase request, wherein the cryptocurrency exchange API is configured to complete the cryptocurrency purchase request by writing transaction data to a blockchain, and wherein the transaction link comprises a link to the transaction data on the blockchain comprising the transaction data of the completed cryptocurrency purchase request.
- 15. An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a transaction network, cause the transaction network to perform operations comprising:
receiving, by the transaction network, a cryptocurrency redemption request comprising a user identifier, a reward points redemption amount, and a cryptocurrency type; retrieving, by the transaction network in electronic communication with a rewards database, a user blockchain wallet address associated with the user identifier; transmitting, by the transaction network in electronic communication with a cryptocurrency exchange API, a cryptocurrency purchase request comprising the user blockchain wallet address; and receiving, by the transaction network and from the cryptocurrency exchange API, a transaction link in response to the cryptocurrency exchange API completing the cryptocurrency purchase request, wherein the cryptocurrency exchange API is configured to complete the cryptocurrency purchase request by writing transaction data to a blockchain, and wherein the transaction link comprises a link to the transaction data on the blockchain comprising the transaction data of the completed cryptocurrency purchase request.
