The U.S.-based payment giant PayPal has filed a patent with the U.S. Patent and Trademark Office (USPTO), published on the 1st of March, to increase the speed of cryptocurrency payments.
The patent describes an “Expedited Virtual Currency Transaction System,” involving the use of secondary private keys to shorten wait times for transactions between the consumers and the merchants.
The inventors of the patient are listed as Cheng Tian, and Sandy Lynn Godsey of San Jose, California, with Pay Pal Inc., listed as the applicant.
According to the patient, PayPal is attempting to solve the problem of slow transaction times for cryptocurrency trades that have led potential crypto users to “instead choose to perform the transaction that is using traditional payment methods rather than virtual currency.”
The patent states:
Some issues like this have slowed the adoption of virtual currencies despite their advantages.
The patent also details how the creation of secondary wallets with their private keys are going to make transaction times much faster, “practically eliminating the amount of time the payee must wait to be sure that they are going to receive a virtual currency payment in a virtual currency transaction.”
The shortened wait time will be because of the reportedly faster process of transferring the private keys associated with “predefined amounts” of cryptocurrency that are equivalent to the amount in the transaction.
Late in February 2018, the chief financial officer of the company, John Rainey spoke favorably of the possibility for Bitcoin (PayPal) to become a popular payment method “used every day.”