The US-based largest payments operator PayPal has recently filed a patent with the US Patent and Trademark Office (USPTO) which will increase the speed of cryptocurrency payments. The patent was described as an “Expedited Virtual Currency Transaction System” and involves the use of secondary private keys in order to shorten the wait times for transactions between the consumers and merchants.
The inventors of this patent are now listed as Sandy Lynn Godsey and Cheng Tian of San Jose, California – and PayPal Inc. is listed as the applicant. According to the actual patent documentation, PayPal is attempting to solve a problem of slow transaction times for all cryptocurrency trades that led potential crypto users to “choose to perform the transaction using traditional payment methods rather than virtual currencies”.
“Issues like this have slowed the adoption of virtual currencies despite their advantages” is what the patent also states, detailing how the creation of secondary wallets with their own private keys will make the transaction times a lot faster, “practically eliminating the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
Does PayPal have the right technology to enter the crypto market? If we remember some talks from a month ago, PayPal’s CFO John Rainey spoke with good intention about the possibility of Bitcoin integration with Bitcoin having the potential to become “used every day”.
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