PayPal has offered a way to speed up the processing of cryptocurrency transactions
PayPal is developing a way to accelerate cryptocurrency payments. This is evidenced by an application titled “Accelerated Transactions System Using Virtual Currencies,” published by the US Patent and Trademark Office on March 1.
According to it, PayPal offers a method using which private keys – strings consisting of a set of numbers and letters used to transfer and manage cryptocurrencies – can be transferred from buyer to seller in confidence..
The task of the proposed system is to reduce the time of transferring a transaction from a client to a seller by eliminating the need to transfer cryptocurrency through the blockchain, and therefore waiting for the transaction to be included in the next block. To put this into practice, PayPal suggests creating secondary wallets that store separate private keys for buyers and sellers. The system will transfer private keys corresponding to the purchase amounts.
“The systems and methods presented in the document make it possible to virtually eliminate the time that the payee is forced to spend to ensure that he receives a payment in virtual currency through a virtual currency transaction, by transferring to the payee of the payment private keys included in virtual currency wallets and associated with a predetermined amount of virtual currency, corresponding to the amount of payment specified in the transaction of the virtual currency “, – the document says.
Earlier PayPal entered into agreements with several cryptocurrency processors, which allows merchants to accept bitcoins through the Payments Hub service since 2014.
PayPal co-founder Peter Thiel is also known to actively invest in bitcoin through his firm, Founders Fund..
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