PayPal Files For Cryptocurrency Patent - Cryptocurrency News

PayPal has filed for a cryptocurrency patent for a system to speed up transactions. An application published on March 1st, 2018 indicates that PayPal has filed for a patent that will allow faster crypto payments to happen.

The global payment company is seeking a faster way to boost the speed of cryptocurrency payments.

The concept seeks to address the issue of time when per taking crypto payments. Normally due to safety measures, these transactions take longer but this new method will reduce the amount of time it takes for a transaction to go through between a buyer and a seller.

The method will allow PayPal to shortcut the process that involves sending a transaction and having to wait for it to be added in the next block in the network.

To achieve this PayPal has proposed a way that will allow for the creation of secondary wallets that will have their own unique private keys for sellers and buyers.

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