Coinbase Assigned Patent

Coinbase, Inc., Oakland, CA, has been assigned a patent (11,394,543) developed by Collier, Paul, Kern, Alexander, Kim, Peter Jihoon, Amoli, Sahil, Varanasi, Rohith, and Gold, Andrew, San Francisco, CA, for “system and method for secure sensitive data storage and recovery.“

The abstract of the patent published by the U.S. Patent and Trademark Office states: “A method for managing sensitive data, including: receiving an encryption key from a third party recovery agent, at a user agent executing on a user device, encrypting the sensitive data with the encryption key, and storing the encrypted sensitive data at a third party storage provider system. The method can optionally include, at the user agent: requesting the encryption key from the third party recovery agent using a set of recovery agent authentication credentials, requesting the encrypted sensitive data from the third party storage provider system using a set of storage provider authentication credentials, and decrypting the encrypted sensitive data using the encryption key.”

The patent application was filed on June 25, 2019 (16/452,195).