PayPal is seeking a way to boost the cryptocurrency payments’ speed, a recently released patent filing indicates.
On March 1, the USPTO (United States Patent and Trademark Office) published an application for an “Expedited Virtual Currency Transaction System”. It describes a method by which the private keys are swapped “behind the scenes” from the buyer to the seller.
The concept’s aim is to speed up the amount of time it is required for payments to go through between a merchant and a consumer, preventing the process of sending a transaction while waiting for it to be included in the network’s next block. For this purpose, PayPal proposed an idea to create secondary wallets with their own unique private keys for sellers and buyers. The system would transfer private keys depending on an exact amount of any given cryptocurrency.
This submission comes years after PayPal announced partnerships with some Bitcoin payment processors that let merchants accept the cryptocurrency via the company’s Payments Hub starting in 2014. Peter Thiel, PayPal co-founder is reportedly invested heavily in Bitcoin as well, through the VC firm he co-founded, named Founders Fund.
Taking into account that Paypal is a giant in the space of online payments, this move can only bright and improve the future of cryptocurrencies.