Method and system of conducting a cryptocurrency payment via a mobile device using a contactless token to store and protect a user's secret key

A data processing system that is programmed to conduct a cryptocurrency payment via a mobile computing device, the system comprising:

• the mobile computing device comprising stored program instructions that are programmed to cause, when executed by the mobile computing device, storing an encrypted wallet received from a portable security token that is separate from the mobile device, wherein the encrypted wallet comprises a cryptocurrency wallet encrypted with a secret key that is restricted to the portable security token;
• stored program instructions that are programmed to cause, when executed by the mobile computing device, receiving a cryptocurrency payment instruction;
• stored program instructions that are programmed to cause, when executed by the mobile computing device, prompting for a user credential to approve the cryptocurrency payment instruction;
• and
• stored program instructions that are programmed to cause, when executed by the mobile computing device, sending, to the portable security token, a message in response to receiving the user credential, wherein the message comprises the encrypted wallet, the cryptocurrency payment instruction, and the user credential;
• and
• wherein the sending of the message causes the portable security token to:
• decrypt, using the secret key, the cryptocurrency wallet from the encrypted wallet;
• in response to confirming that the user credential matches an authentication identifier registered with the portable security token, create a cryptocurrency payment transaction by digitally signing the cryptocurrency payment instruction using the cryptocurrency wallet;
• transmit the cryptocurrency payment transaction to a cryptocurrency network or cryptocurrency bank or exchange;
• and erase the cryptocurrency wallet;
• wherein the confirming the user credential matches an authentication identifier registered with the portable security token comprises using any of PIN, biometric or fingerprint on the mobile device, or authentication via button press confirmation, PIN or fingerprint on the portable security token.

A method of providing two-factor authenticated login to a server computer via a mobile computing device comprising:

• using the mobile computing device, storing an encrypted wallet received from a portable security token that is separate from the mobile device, wherein the encrypted wallet comprises a transaction wallet encrypted with a secret key that is restricted to the portable security token;
• using the mobile computing device, receiving an instruction relating to logging in to a server computer that is associated with a secure application program that uses a block chain;
• using the mobile computing device, prompting for a user credential to approve the instruction;
• using the mobile computing device, sending, to the portable security token, a message in response to receiving the user credential, wherein the message comprises the encrypted wallet, the instruction, and the user credential;
• and
• wherein the sending of the message causes the portable security token to:
• decrypt, using the secret key, the transaction wallet from the encrypted wallet;
• in response to confirming that the user credential matches an authentication identifier registered with the portable security token, create a login transaction by digitally signing the cryptocurrency payment instruction using the transaction wallet;
• transmit the login transaction to the secure application program that uses the block chain;
• and erase the transaction wallet;
• wherein the confirming the user credential matches an authentication identifier registered with the portable security token comprises using any of PIN, biometric or fingerprint on the mobile device, or authentication via button press confirmation, PIN or fingerprint on the portable security token.