PayPal is working on a technology fast cryptocurrency payments
PayPal is considering the possibility of increasing the speed of cryptocurrency payments.
1 Mar Managing patents and trademarks USA (USPTO) published the patent application of PayPal called “System of accelerated transactions for virtual currencies”. The application describes the method by which private keys are transferred from the buyer to the seller.
Thus, the authors of the patent want to reduce the time spent on making payments between the buyer and the seller. Theoretically, this method will eliminate the need to send a transaction and include it in a certain block on the blockchain. To do this, PayPal offers a way to create secondary wallets with their own private keys for buyers and sellers. The system will transfer private keys corresponding to the exact amount in the cryptocurrency.
Using this system will allow the seller to abandon expectations when receiving payment, which arises due to the need to include each transaction in a certain blockchain. The buyer will transfer a private key from the wallet, which is the amount needed to pay directly to the seller.
PayPal is loyal to cryptocurrencies, and a few years ago the company announced a partnership with several companies that are engaged in the processing of cryptocurrency payments. It has allowed many trading venues who have partnered with PayPal to start accepting cryptocurrency for payment.
Co-founder of PayPal, Peter Thiel has also invested heavily in bitcoin via venture firm Founders Fund.