The patent application, issued on Tuesday, was filled in March 2015. It details the specifics of the user system that allows customers to make cryptocurrency payments to electronic addresses, to wallets tied to addresses.
The sender requests to send the cryptocurrency to the email address, and the system automatically sends the agreed amount – until they get the necessary balance – from the sender’s wallet to the wallet that matches the specified email address of the recipient.
After the transaction is completed, the system needs 48 hours for the recipient to confirm the payment. Cryptocurrencies that are not used will be stored in a secure storage, access to it can only be obtained by e-mail address tied to the corresponding wallet.
Coinbase is known to have earned more than $ 2 billion in transaction fees. However, the proposed email system will not charge users. According to the text of the patent, the exchange itself will pay the mining fee. Operations with external wallet addresses may also be free.
The patent refers specifically to Bitcoin and does not say whether the system can support other cryptocurrencies, but, apparently, it will not be too difficult to implement support for additional cryptocurrencies. There are also no restrictions on email providers, that is, users can optionally use existing email addresses.
The e-mail transaction system will also support an exchange function for users to conduct bitcoin trading through the application, using fiat currency from a linked bank account.
Whether the exchange plans to introduce a service based on a patent is not clear. Two more patents were granted by Coinbase on Tuesday. The first is for an application to ensure compliance of user accounts with international and local legislation, the other for a protocol for forcibly closing unsuitable accounts.
An email transaction system will potentially simplify cryptocurrency transactions for less experienced users.