PayPal has filed a patent with the US Patent and Trademark Office (USPTO) to improve cryptocurrency transaction times.
The patent is for an “Expedited Virtual Currency Transaction System” using a secondary private keys to decrease the waiting times between trading parties.
The patent has PayPal Inc. listed as the main applicant. According to it, PayPal is aiming at solving the slow transaction times for crypto trading in order to prevent users from having to:
“choose to perform the transaction using traditional payment methods rather than virtual currency”
“Issues like this have slowed the adoption of virtual currencies despite their advantages”
According to the patent, the creation of secondary wallets with their own private keys will drastically increase the transaction times
“practically eliminat[ing] the amount of time the payee must wait to be sure they will receive a virtual currency payment”
According to PayPal’s Chief financial officer John Rainey, Bitcoin has a great potential of becoming a payment method “used every day”.