A U.S. based payments giant PayPal has filed a patent with the U.S. Patent and Trademark Office (USPTO), published on March 1, eyeing to boost the speed of Cryptocurrency payments.
The patent shows an “Expedited Virtual Currency Transaction System” that aims to tackle time for transaction between consumers and merchants, shortening it using secondary keys. To do this, PayPal proposed a way to create secondary wallets with their own unique private keys for buyers and sellers. Private keys would be transferred by the system corresponding to an exact amount of any given Cryptocurrency.
The filing says:
“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure 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.”
The patent’s inventors are listed as Cheng Tian and Sandy Lynn Godsey of San Jose, California, with PayPal Inc. listed as the applicant.
It isn’t surprising to hear this news as PayPal had already announced partnerships with several Bitcoin payment processors that allowed merchants to accept the Cryptocurrency through the company’s Payments Hub starting in 2014.
In late February 2018, PayPal’s chief financial officer John Rainey spoke favorably of the possibility for Bitcoin (BTC) to become a popular payment method “used every day”.
PayPal co-founder Peter Thiel is also reportedly invested heavily in Bitcoin via Founders Fund, the VC firm he co-founded.