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Coinbase to Enhance Crypto Wallet Security With New Patent

  • Coinbase undisclosed its USPTO app for a technology that add a brand-new layer of security to wallets. Patent aims at tackling the problem of vulnerable private keys

Cover image via U.Today

Coinbase, a major San-Francisco based exchange, recently undisclosed its USPTO application for a new technology that would add a brand-new layer of security to cryptocurrency wallets. In particular, this patent aims at tackling the problem of vulnerable private keys— they can be easily stolen if a merchant page gets compromised by hackers.

The company, spearheaded by Brian Armstrong, has come up with a master key that would create an encrypted private key for conducting payments. Any transaction can be frozen if there are suspicions about a possible hack.
 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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