PayPal developing its own Instant cryptocurrency payment system

The payment processing giant PayPal is working on its own system of cryptocurrency payments, which should increase the speed of transactions. Information on the relevant patent application appeared on the website of the US Patent and Trademark Office.

The document entitled “Accelerated Transaction System in Virtual Currency” describes the method for implementing crypto-currency payments by transferring special private keys between the seller and the buyer.

The main goal of the new system is to shorten the time required to confirm transactions and the emergence of a new unit on the network. For this, PayPal developers propose to use so-called secondary electronic wallets with their own set of unique private keys for buyers and sellers. The system will generate and transfer the keys to which the required amount is tied in one or another cryptocurrency.

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“These systems and methods virtually exclude the time during which the recipient must wait to ensure that he has received payment in virtual currency. This is achieved through the transfer of private keys that are included in the purses of the virtual currency and are associated with the predefined quantities of the virtual currency equal to the payment amount, ” the document says.

Earlier reported, PayPal CEO Dan Shulman described bitcoin as an inefficient way of transferring value.

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