PayPal is considering the possibility of increasing the speed of the cryptocurrency payments.
1 Mar Managing patents and trademarks USA (USPTO) published petitou PayPal application titled “System for accelerated transactions of virtual currencies”. In the application described a method by which private keys are transferred from buyer to seller.
Thus, the authors of the patent are to reduce time spent on transactions between buyer and seller. Theoretically, this method will eliminate the necessity of a transaction and its inclusion in a specific block on the blockchain. To do this, PayPal offers a method of creating recycled wallets with their own private keys for buyers and sellers. The system will transmit private keys corresponding to the exact amount in bitcoin.
Using this system will allow the seller to refuse to idle upon receipt of payment, which occurs due to the inclusion of each transaction to a specific block of the blockchain. The buyer will transfer the private key from the wallet, which is the amount required for payment directly to the seller.
PayPal is loyal to the cryptocurrency, and a few years ago, the company announced a partnership with several companies that are engaged in the processing cryptocurrency payments. It has allowed many trading venues who have partnered with PayPal to start accepting cryptocurrency for payment.
Co-founder of PayPal, Peter Thiel has also invested heavily in bitcoin via venture firm Founders Fund.