PayPal has reportedly filed a patent to speed up cryptocurrency transaction times by eliminating the verification time of the payment, However, some experts argue that this is already made possible through existing technologies in the cryptocurrency industry.
PayPal filed a patent with the US Patent and Trademark Office (USPTO) for a technology that is supposed to speed up cryptocurrency payments through the utilisation of secondary wallets.
Essentially, PayPal seeks to optimise the process of settling cryptocurrency payments between merchants and buyers, on retail or e-commerce platforms. The secondary wallets of users, as described in the official patent, would allow the unique private keys of buyers and sellers to be transferred behind the scenes, to prevent every transaction from being included in blocks and broadcasted to the public Blockchain.
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