CEO of Coinbase Awarded Patent for New Bitcoin Payment Technology

Posted on Dec 19, 2019

Brian Armstrong has won a patent for a new technology that will make sending Bitcoin payments incredibly easy. The patent describes a system which enables users to send crypto payments to email addresses linked to associated wallet addresses. The system automatically transmits the user’s requested amount from their wallet to the wallet which corresponds to the recipient’s email address. The transaction would take up to 48 hours to clear, and any crypto which is not actively in use would be stored securely, with access granted only to the email address linked to the wallet address. Based on the patent information, the system will not charge fees and an exchange facility will be featured, enabling users to make bitcoin trades with fiat currency by connecting their bank account. Coinbase could potentially offer a service that simplifies crypto transactions for novice users, supporting Armstrong’s vision to create “economic freedom” with a financial system that includes everyone.