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PayPal Seeks Patent For Faster Cryptocurrency Payment Technology

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PayPal, a global online and mobile payment processing company, is exploring how to make cryptocurrency payments faster.

The company has sought a patent for a new method that largely relies on transferring private keys, which are codes made with numbers and letters that are used for cryptocurrency transactions, from a buyer to a seller, an application with the US Patent and Trademark Office showed.

The patent application titled "Expedited Virtual Currency Transaction System" dated March 1 was first spotted by the blockchain news website Coindesk.

Bitcoin transactions often take lot of time, sometimes hours, to complete and PayPal is addressing exactly this issue.

The proposed method for cryptocurrency payment "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", the company said in the application.

The San Jose, California-based PayPal, which was founded in 1998, formed partnerships with Bitcoin payment processors in 2014 to allow digital goods merchants to accept payments through its PayPal Payments Hub.

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