Paypal Files Patent for Expedited Cryptocurrency Transaction System

The system is meant to eliminate latency or delay in confirming cryptocurrency transactions. 

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PayPal has filed a patent for a system related to Bitcoin and which targets at expediating virtual currency transactions and improving anonymity.

The “expedited cryptocurrency transaction system” filed with the US Patent and Trademark Office. It describes a system that creates primary and secondary wallets. Additionally, users can move a predefined amount of funds from a primary to a secondary wallet using private keys.

The system is to eliminate delays or latency period between initialization and confirmation of a transaction. PayPal says waiting for approval hurts client experience and disadvantages the transaction over other instant methods like fiat credit card payments.

The Other Companies

The patent is the latest from PayPal since 2016 in the news. The company earlier announced a modular payment module system that accepted Bitcoin, Litecoin, and Dogecoin cryptocurrencies. The patent is also one among the many recently files by other companies. Likewise,  Bank of America as recently reported.

PayPal’s integration of cryptocurrency has been slow although it was among the first companies to start accepting Bitcoin in 2015.

Meanwhile, PayPal stock price went up 0.5 percent on Monday after the announcement. Previously, the stock was down after Wall Street Journal reported that Amazon interest in creating a product similar to a checking account.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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