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Coinbase Could Go the Tesla Route With Patents, CEO Confirms

Last Updated March 4, 2021 4:45 PM
Justin OConnell
Last Updated March 4, 2021 4:45 PM

Coinbase sparked controversy within the largely open-source dedicated Bitcoin industry after filing for nine patents this year. Some Bitcoiners suggested Coinbase had it in mind to create a monopoly over key Bitcoin services with the move. CEO Brian Armstrong assures this is not the case. 

Bitcoin exchange and payment processor Coinbase filed nine patent applications with the US Patent and Trademark Office (USPTO). The USPTO received the submission on March 17. The filings were published this month, and include applications for products like hot bitcoin wallets, an instant exchange, a Bitcoin exchange, a Bitcoin tipping button and two different block chain transaction systems.

The Coinbase applications will be pending for some time now, possibly years, per standard patent filing procedure. The company has raised $106.7 million in venture funding. Bitcoin developer Jeff Garzik mirrored the sentiment of some Bitcoiners when he tweeted that Coinbase should take the Linux route:

Within 24 hours, the Coinbase CEO tweeted the company was not opposed to the idea.


The Bitcoin exchange CEO tweeted his firm’s strategy is similar to that of Tesla, which open-sourced its patents earlier this year.


Coinbase recently submitted an application for a BitLicense in New York State, Coinbase told CCN.com its intention to procure such a license after LocalBitcoins, BitFinex and Kraken decided to leave New York due regulations.

Featured image from Shutterstock.