(6 March 2018 – Global) PayPal has filed a patent with the US Patent and Trademark Office to secure a system which seeks to narrow the time it takes to transact in cryptocurrencies.
The concept relies on PayPal creating secondary wallets with their own unique private keys for buyers and sellers. The system, patented under the name ‘Expedited Virtual Currency Transaction System,’ would transfer private keys corresponding to an exact amount of any given cryptocurrency.
The patent application comes years after PayPal entered into partnerships with several bitcoin payment processors which enabled merchants to accept the cryptocurrency through PayPal’s Payments Hub since 2014.