A newly-released patent filing reveals PayPal’s ambitions for finding a way to magnify the speed of cryptocurrency payments.
As per an application published on 1st March for an “Expedited Virtual Currency Transaction System” by the U.S. Patent and Trademark Office (USPTO), it demonstrates a technique which, when implemented using private keys – the strings of numbers and letters utilized for transactions or to otherwise control a person’s cryptocurrency holdings – are swapped from a buyer to a seller this process is done behind the scenes avoiding any delays.
The main goal for developing this concept is to eradicate the delays caused due to the amount of time taken for payments to successfully be transferred from a buyer to a seller, also evading the procedure where after sending a transaction we have to wait for it to be included in the next block on the network. So in a bid to avoid all these delays causing methods, PayPal has instituted a solution where they seek to produce secondary wallets using their own unique private keys for buyers and sellers. The system would transfer private keys accurately as per the identical amount of any given cryptocurrency.
As per the statement revealed the filing states:
“The systems and methods of the current disclosure practically eliminate the amount of time the payee has to wait to be certain they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
This is quite an eye-catching announcement as it comes years after PayPal had initially declared its partnerships with several bitcoin payment processors which permit merchants to accede the cryptocurrency via the company’s Payments Hub starting four years ago back in 2014.
As per reports, it is also reported that Peter Thiel PayPal’s co-founder has also made quite a lot of investment in bitcoin via the platform provided by Founders Fund, the VC firm co-founded by Peter Thiel himself.