Coinbase cryptocurrency exchange Coinbase has won a patent for the development of a system that should allow carrying out bitcoin (EXANTE: Bitcoin) transactions directly to email addresses that are connected with the exchange's hot wallets.
Coinbase CEO Brian Armstrong filed a patent application back in 2015.
The patent description states that in order to send bitcoins a user only needs to make a request from the recipient’s email address and indicate the amount of the transaction. When the user clicks the Finish button, the system creates storage that looks like a wallet but has a function that restricts the output of bitcoins.
To make transactions safer, notifications will be sent to the email addresses of all participants, the system will transfer bitcoins to the recipient's wallet within 48 hours. The administrator has also the ability to block suspicious transactions. The system allows users to buy and sell bitcoins for fiat currencies via the Coinbase app.
A commission will reportedly only be charged on transactions with external wallets.
Earlier iHodl reported that the U.S.-based cryptocurrency exchange filed a patent of a system that determines a compliance score for each one of the accounts based on the respective factors associated with the respective account.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.