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In Bitcoin parlance, an extended key, also known as a BIP32 or HD Wallet key, is a master key that can be used to derive multiple bitcoin addresses.
The public portion of the key will be stored and used by CoinOS to generate a separate receiving address for every payment to your account. This will preserve your and your customers' privacy by preventing people from seeing or tracking transactions to your account other than their own.
The private portion of the key will be generated here but will not be stored after you close this window. You will be responsible for saving it and making copies of it. If you lose it, any funds sent to your account will be unspendable.
We'll ask you to encrypt the key with a password of your choosing. It's a good idea to choose a strong password and keep it written down and backed up seoarately from the key itself. You and any would-be attackers will need access to both the encrypted private key and the password that was used to encrypt it in order to spend funds received.