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
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