Cryptobank cryp·to·bank [krip-tog-bangk]

noun

A cryptobank is an on-line service for storing crypto currencies (such as bitcoins and litecoins) and has these properties:

• facilitates usage of crypto-currency: sending, receiving amounts
• provable reserves auditable in the public peer-to-peer network (e.g.: Bitcoins Blockchain)
• takes responsibility for the security and confidentiality of the funds under deposit
• provides a level of security far beyond what typical consumers can achieve on desktop computers, such as the use of Hardware security module (HSM)
• more than one account per person (like Chequing, Savings, etc.)
• comparable to a "Web Wallet" but professionally run at larger scale.

origin

2013;

crypto- + -bank

1150–1200;

Middle English banke, Old English hōbanca couch; cognate with Old Norse bakki elevation, hill, Swedish backe, Danish bakke < Germanic *bank-ōn-; perhaps akin to Sanskrit bhañj- bend, Lithuanian bangà wave; see bank3 , bench

1945–50;

probably independent use of crypto-; cf. -o