Coinbase files patent for freeze logic cryptocurrency wallet security

Coinbase has filed a new patent which describes technology intended to improve the security of cryptocurrency wallets and also permit the secure, direct payment of cryptocurrencies to merchants.

The cryptocurrency exchange’s patent filing has been submitted to the United States Patent and Trademark Office (USPTO).

Coinbase’s patent application, number 10,050,779, says that “it may be a security concern for users that the private keys of their Bitcoin addresses may be stolen from their wallets, [and] existing systems do not provide a solution for maintaining security over private keys while still allowing the users to check out on a merchant page and making payments using their wallets.”

The patent describes a “key ceremony application” which creates encrypted key bundles together with an operational master key.

The operational master key is used for private key encryption during the checkout process, while an…