Paypal has filed a patent on March 1st with the U.S. Patent and Trademark Office (USPTO). The aim of the system that has been patented is to increase the speed of cryptocurrency payments.
Paypal describes the technology as “Expedited Virtual Currency Transaction System” that uses secondary private keys to increase the speed of virtual currency transactions between the customer and merchants.
According to the American payment processing giant, many would-be cryptocurrency users “instead choose to perform the transaction using traditional payment methods rather than virtual currency” because of the slow transaction time. “Issues like this have slowed the adoption of virtual currencies despite their advantages” claims the patent.
Paypal says that the patented technology “practically eliminates the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”
This is a big news for the cryptocurrency world. Paypal’s direction has been generally supportive of digital currencies. Their CFO John Rainey even predicted that Bitcoin will become a widely adopted payment method that will be “used every day”.