Brian Armstrong, the CEO of Coinbase, has come up with the technology that makes sending Bitcoin (BTC) as easy as sending an email.
The patent was filed back in 2015 and granted on Tuesday. It’s a system that allows users to make crypto payments with their emails corresponding with their wallet addresses. Once one offers to send cryptocurrency to an email address, the amount introduced is sent automatically, as long as the sender has enough balance.
The Transaction Takes Only 48 Hours
It takes the system only 48 hours to clear after the receiver has verified the transaction. Cryptocurrencies that aren’t in use are kept in a vault, which can be retrieved only using the email address connected to the wallet. Since 2012, Coinbase has managed to make over $2 billion from transaction fees, but this email system doesn’t charge any fee. As the patent shows, the exchange will pay itself for the mining fees. It will be possible to make transactions to an external wallet address, but a fee will be charged for this option.
The Patent Refers to Only BTC
The only cryptocurrency mentioned by the patent is Bitcoin. It’s not yet sure if other coins will be supported. It seems that email providers won’t have any restrictions, so the users will be able to use their already existing email addresses if they want to. The system will also include a special exchange facility for those who want to make trades in fiat currencies from one of their linked bank accounts. It’s not yet clear if the exchange is planning to base a new service on the patent.
Coinbase Was Granted 2 Other Patents
Coinbase was granted 2 other patents on Tuesday. One is an app that makes sure the users’ accounts are complying with the local and international laws, while the 2nd is an enforcement protocol which shuts down accounts when they aren’t compliant. The system will most likely make crypto transactions easier for newbies. Back in August, Armstrong mentioned that he would like to develop an comprehensive financial system for people and businesses to have more financial freedom.