Coinbase CEO Brian Armstrong has been granted a U.S. patent for email-based crypto transaction system. The patent was granted on Tuesday and filed in March 2015.
The system automatically transmits the agreed amount from the sender’s wallet to the wallet corresponding to the receiver’s email address.
Once the receiver has confirmed the payment, the system takes 48 hours for the transaction to clear. Cryptocurrencies not in use would be stored in a secure vault that can only be accessed by the email address linked to the corresponding wallet. According to the patent, the email system will not charge users fees, mining fees will be paid for by the exchange itself.
It is expected, the email transaction system would potentially make cryptocurrency transactions easier for less advanced users.