According to the recent reports of patent filing, Paypal is now at the stage where it is considering to expand its exposure to the crypto environment. The company has filed a patent for a new cryptocurrency transaction system which would be widely known for its speedy transactions. Paypal is an online payment provider company whose former co-founder was Elon Musk. There are recent reports stating that the company has filed a new patent application for an expedited virtual currency transaction system. The patent has been filed with the US Patent and Trademark Office.
Previously it was reported that the company filed a Patent application in relevance to cryptocurrency in the year 2016. The idea was based on a system which showed plans for a modular payment mode that could accept bitcoin, litecoin and dogecoin. While the system proposed this year in the Patent application is meant to work by recreating the secondary wallets of an account. These secondary wallets would be including a respective secondary wallet private key to ensure the transaction of predefined amounts to each of the secondary wallets. When the system receives an instruction regarding the transfer of a payment of an amount to a second user, they are assigned a subset of the private keys of secondary wallets of the first user.
Paypal application also explained the need for this system. The system would reduce the time delay or latency period between the initialization of the transaction to the point when the transaction gets confirmed. Waiting for completing a crypto transaction which is a huge disappointment to the users everytime, but this system is capable to remove that disappointment and reduce the time consumption while carrying out any crypto transaction. Paypal said, that the wait of 10 minutes in some cases become the longest wait ruining several things many a time. Thus there is a requirement of this system in the world. However, nothing can be commented what next is in the frame and what would be the ultimate impact of this new transaction system of Paypal.