PayPal Files Patent for ‘Expedited Virtual Currency Transaction System’

[kreslik.news]

On March 1, the electronic payments firmPayPalhas filed an application for an ‘Expedited Virtual Currency Transaction System’, according to a new report from CoinDesk.

The patent appears to be for a system in which private keys (strings of characters that represent ownership of cryptocurrency and allow crypto to be traded) are traded between buyer and seller in a secure and anonymous manner.

The apparent goal of PayPal’s system is to make transactions on a crypto network more efficient, making it so that transactions can happen ‘off-blockchain’; in other words, so that transactions can take place directly between secondary ... (read more)