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PayPal is aiming to accelerate payments in cryptocurrency

A recently released patent filing shows that PayPal is looking for a way to increase the speed of cryptocurrency payments.

04.Mar.18 11:42 PM
By Daria Zaytseva


PayPal is aiming to accelerate payments in cryptocurrency

The application for an "Expedited Virtual Currency Transaction System", published on March 1 by the USPTO, details a method by which secret keys- the numbers and letters lines used to make transactions or manage other cryptocurrencies - have changed from buyer to seller behind the scenes.

The goal of the concept is to reduce the time it takes for payments to pass between the consumer and the merchant, avoiding the process of sending a transaction and waiting for it to be included in the next block on the network. For this, PayPal offered a way to create secondary purses with their own unique secret keys for buyers and sellers. The system would transfer personal keys corresponding to the exact amount of any cryptocurrency.

The view is noteworthy, coming years after PayPal announced a partnership with several bitcoin payment processors that allowed sellers to take the cryptocurrency through the company's Payments Hub starting in 2014.

PayPal co-founder Peter Thiel is also invested heavily in bitcoin through Founders Fund, the VC firm, which he co-founded.

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