Coinbase Patents Protected BTC Deposit Option

Fri, 08/17/2018 - 09:30

Users will be able to deposit and take out BTC directly from their electronic wallets. The currently used payment services do not secure users’ private keys

Coinbase Patents Protected BTC Deposit Option

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The new patent filed by the US crypto trader Coinbase says its users will be able to deposit and take out Bitcoins directly from their electronic wallets. The currently used payment services do not secure users’ private keys.

The new system offered by Coinbase assumes the use of a master key that encrypts private keys and for signing transactions. In case there is any doubt as to the personality of the user, the system can halt the transaction.

The new system also has an API key. This enables other sites to set up their apps based on this service.

#Cryptocurrency exchange

About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.