On March 1, the electronic payments firm PayPal filed an application for an ‘Expedited Virtual Currency Transaction System.The patent appears to be for a system in which private keys (strings of characters that represent ownership of cryptocurrency and allow crypto to be traded) are traded between buyer and seller in a secure and anonymous manner.
The apparent goal of PayPal’s system is to make transactions on a crypto network more efficient, making it so that transactions can happen ‘off-blockchain’; in other words, so that transactions can take place directly between secondary wallets belonging to a buyer and seller. These secondary wallets will have their own private keys. The official application for the patent explained that the proposed system will “practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment.”
PayPal first got involved in the blockchain space in 2014, when it announced partnerships with three crypto payment processors–BitPay, GoCoin, and Coinbase, which reported over a billion dollars in profit last year.
PayPal’s founder, Peter Thiel, is also allegedly very heavily invested in Bitcoin by way of the so-called ‘Founders Fund’, a Silicon Valley-based venture capital firm.
Source: Finance Magnates
Trader Bozhidar Arabadzhiev
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.