PayPal Is Seeking Faster Crypto Payments Tech, Report SaysMarch 5, 2018 11:23 pm
A newly released patent filing reveals Paypal is seeking a method to boost the speed of cryptocurrency payments, CoinDesk reported Monday.
A PayPal application for an “”Expedited Virtual Currency Transaction System” published last Thursday by the U.S. Patent and Trademark Office (USPTO) details a method by which private keys – letters and numbers used in transactions or to control cryptocurrency holdings – are swapped from a buyer to a seller behind the scenes, the report said.
The concept narrows the time it takes for payments to go from consumer and merchant, CoinDesk reported, avoiding sending a transaction and waiting for it to be included in the next block on the network.
Under the plan, the report said, PayPal proposes creating secondary wallets with their own unique private keys for buyers and sellers.
The system would transfer private keys corresponding to an exact amount of any given cryptocurrency, the report said.
The submission comes years after PayPal announced partnerships with several bitcoin payment processors allowing merchants to accept the cryptocurrency through the company’s Payments Hub starting in 2014, CoinDesk reported.
PayPal co-founder Peter Thiel is reportedly heavily invested in bitcoin via Founders Fund, the VC firm he co-founded, the report said.
– WN.com, Jack Durschlag