PayPal to Develop Own Crypto Payment System

March 5, 2018

PayPal will start developing its own cryptocurrency payment system. Patent application was posted at the official site of the U.S. Patent and Trademark Office (USPTO) last Thursday on March 1.

The purpose for the development is about making faster cryptocurrency transaction sending as well as reducing timeout for including the next block into the net. As the document runs, the company considers creating its own secondary cryptocurrency wallets able to generate unique private keys and transmitting them to the operation participant.

“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction”.

Just remember, PayPal CFO John Rainey expressed his confidence recently in favorable prospects bitcoin has. He also claimed, this currency may well become the most popular payment means in the years to come.

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