PayPal looking at ways to speed up crypto payments

PayPal has filed a new patent that appears to reveal the company’s plans to enhance cryptocurrency payment speeds.

The application is for an “Expedited Virtual Currency Transaction System”, reports CoinDesk, and was published on March 1 by the US Patent and Trademark Office.

The method involved private keys being given from buyer to seller, bypassing the need to wait for the transaction to be added to the network’s next block. These secondary wallets would be unique to each user.

The filing reads: “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.”