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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.