Based in Charlotte, North Carolina, Bank of America is a multinational investment bank and financial services company. It is the second largest banking institution in the United States, servicing approximately 10.73% of all American bank deposits. Its primary financial services revolve around commercial banking, wealth management, and investment banking. Bank of America, also one of the top patent holders in the cryptocurrency and blockchain sector, offers a number of security resources to its customers, primarily through its subsidiary Merrill Lynch. Bank of America also owns many blockchain technology-related patents, which are inherently geared towards establishing secure financial transactions. On July 8, 2021, Bank of America created a new team focused on researching cryptocurrencies.