Cryptocurrency exchange startup Coinbase has been awarded a new patent related to private key security, public records show.
The U.S. Patent and Trademark Office (USPTO) published the patent yesterday, entitled "Key ceremony of a security system forming part of a host computer for cryptographic transactions." Two former Coinbase engineers – James Hudon, who now works for Uber, and Andrew Alness, currently employed at Keybase – are listed as inventors.
At its heart, the patent concept relates to a method for storing and utilizing bitcoin private keys. Coinbase has filed other patents in the past related to private key security.
As the patent document explains:
Public records indicate that the patent is the fourth to be awarded to Coinbase to date, and is one of a number of concepts the startup has moved to protect. The application for the "key ceremony" patent was originally submitted in May 2015.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.