Coinbase got the patent which will enable users to transfer Bitcoins by email. The email address must have links to hot wallets.
Coinbase CEO Brian Armstrong submitted the patent for approval back in 2015. And got it signed on December 17 this year. So, the patent allows the development of a new payment system that would enable Bitcoin transmission by email. The method works as follows.
To begin with, no miner’s fee is paid by a host computer system. At the same time, “Hot wallet functionality is provided that transfers values of some Bitcoin addresses to a vault for purposes of security.”
Subsequently, the system splits and distributes a private key of a Bitcoin address of the vault. Concurrently, “the instant exchange allows for merchants and customers to lock in a local currency price.”
Thus, to protect transactions, all parties will receive notifications to their email addresses. The system will send bitcoins to the wallet of the beneficiary within 48 hours. And there is a possibility to block a transaction if it looks suspicious. Moreover, the system also allows you to buy and sell bitcoins for regular currencies through the platform application.
The exchange has introduced several novelties recently. Earlier this month Coinbase obtained a patent for an automatic KYC identification system. Now the exchange can block non-KYC compliant accounts.
And in November it expanded the reach of its Visa debit card, adding 5 more cryptocurrencies to it. Currently, its Visa debit card is accessible in 29 countries.
Another novelty is that the Coinbase card has added support for ethereum-based DAI stablecoin. So now the users can experience and spend cryptocurrencies without price fluctuations.
Earlier Brian Armstrong said his plan is to create an inclusive financial system: “The vision for Coinbase is creating more economic freedom for every person and business in the world over the next 10 years.”