Skimming this patent it seems to be a way to transfer currency from an address in a virtual wallet stored on a device (local, cloud, or physical medium attached to the device) to an address encoded on a physical card and vice versa. For example, I have accepted swiped credit cards on my phone for payment of services. This would allow transactions of the same kind using cryptocurrency.

I also question how these patents will affect the crypto world. If these companies will actually use the patents or are they a way to prevent crypto from growing or being used in new ways.

For example, Bank of America has filed a patent to protect wire transfers. The patent covers sending crypto currency from point A to point B where upon receipt point B would then convert the crypto to local currency and distribute it to the recipient.

While Bank of America has filed over 35 cryptocurrency related patents so have many others including banks, retailers, and credit card companies. I'm sceptical that all of the companies applying for patents actually have any intention on developing the software/hardware behind them.