The patent filed by Coinbase ensures that transactions through this route would be free but would take about two days to be confirmed.
Coinbase CEO Brian Armstrong reported today that the US Patent Office (USPTO) granted him a license to create a system that allows Bitcoin to be sent as easily as if it were any email.
Armstrong’s team filed the patent in March 2015 and details a system in which users can make cryptocurrency payments to email addresses, in turn associated with a specific wallet address. The sender can make a request to send digital currencies to a certain email, and the system automatically sends the respective amount, provided there are funds in the purse of the sender of the message.
Among other data, it would take the system about 48 hours to complete the transaction once the recipient confirmed the payment and the digital currencies that are not involved in the operation would be safeguarded in a secure vault, which would be linked to the address corresponding mail.
Although this new system might seem archaic in accordance with current speed standards, this new system would not involve charging fees and commissions to users, so such tariffs are borne by Coinbase as long as the funds are sent be through email.
Coinbase patent details
This system only mentions transactions with Bitcoin, so it is not clear if it can work to send other currencies such as Ether or Litecoin. However, they clarify that it can work with any email provider, so it will be available to any person or organization that provides this type of services.
Another important detail is that the interface incorporates an exchange service so that users can buy or sell Bitcoin through the application, using fiat money from their duly linked bank accounts.
This new product accompanies two other patents approved for Coinbase this week. One of them seeks to ensure that user accounts operate in accordance with local and international laws, while the other request would be related to a compliance protocol that would apply for closing accounts that do not comply with the provisions.
Since this last patent dates from 2015, it is not clear if the company will make important changes adjusted to current needs. However, this new movement by Coinbase would be framed in the company’s long-term plans, in which they seek to expand their services to other sectors to provide people with financial tools to operate freely.