Would you like to send cryptocurrency via email to your friends, family or to simply pay for something? Well, that feature is on the way, thanks to a patent issued to Coinbase’s founder / CEO, Brian Armstrong.
The ability to send cryptocurrency via email patent was filed by Coinbase with the United States Patent and Trademark Office (USPTO) in 2015. The patent was rewarded just a few days ago (December 17).
Coinbase’s send cryptocurrency via email features
According to the filed documents, the new features will allow Coinbase users to use their wallet IDs to transfer crypto assets to email addresses tied to their accounts. They will be able to transfer those assets seamlessly and free of charge. Yes, you read it right; zero transaction fees.
Zero transaction fees, seamless crypto asset transfers via email addresses
In the crypto space, email addresses are used to verify users’ identities, approve transactions, and account security. However, the ability to send cryptocurrency via email is a new concept.
According to the patent’s outline, Coinbase developers will create a bitcoin wallet that will be tied to an Email module. The new module will be housed on its own computer system.
The patent further states that, unclaimed Bitcoins or crypto assets will be stored in a separate vault.
The ‘send cryptocurrency via email’ patent read:
“Hot wallet functionality is provided that transfers values of some Bitcoin address to a vault for purposes of security. A private key of a Bitcoin address of the vault is split and distributed to keep the vault secure […] A vault has multiple email addresses to authorize a transfer of bitcoin out of the vault.”
A dedicated link will be sent via a verified email address when a user withdraw request from the independent vault. A transaction or transfer could take a long as two days to complete.
Coinbase’s road to cryptocurrency exchange dominance
Coinbase is a stiff competition with Binance to dominate the cryptocurrency exchange market. The patent for the new features that will allow users to send cryptocurrency via email addresses is not the first for Coinbase.
There is a list of patents assigned to Coinbase. Below are just a few of Coinbase’s rewarded patents:
#10510034 is for an ‘Investigator interface.’
#10510079 – training, compliance, and enforcement platform.
#10050779 – checkout and payment
#20180082188 – self-learning application
Those are just a few of more than 25 patents filed by and rewarded to Coinbase’s CEO, Brian Armstrong.
What are your thoughts on Coinbase’s new ‘send cryptocurrency via email’ system?