PayPal develops its own system of instant cryptopayments

Home » FINTECH » PayPal develops its own system of instant cryptopayments
PayPal develops its own system of instant cryptopayments

The processing giant PayPal works on its own system of cryptocurrency payments which has to increase the speed of transactions. Information on the corresponding patent application has appeared on the website of United States Patent and Trademark Office.

In the document  named “The Accelerated System of Transactions in Virtual Currency” the method of implementation of cryptocurrency payments by means of special private keys’ transfer between the seller and the buyer is described.

The main goal of the new system is to reduce the time demanded on confirmation of transactions and emergence of the new block in the network. For this purpose PayPal developers suggest to use so-called secondary e-wallets with their own set of unique private keys for buyers and sellers. The system will generate and transfer keys to which the required sum in this or that cryptocurrency is tied.

“These systems and methods practically exclude time during which the recipient has to wait ensure that he has received the payment in a virtual currency. It is reached by means of transfer of private keys which are included in virtual currency wallets and are connected with the predetermined quantities of the virtual currency equal to the amount of payment.”

— the document says.


  • bitcoinBitcoin$5,067.17
  • ethereumEthereum$164.88
  • rippleXRP$0.327435
  • tetherTether$1.01
  • eosEOS$5.38
  • stellarStellar$0.115131
  • litecoinLitecoin$79.20
  • cardanoCardano$0.084209
  • tronTRON$0.026616
  • moneroMonero$67.67
  • iotaIOTA$0.318548
  • nemNEM$0.066010
  • dashDash$121.44
  • neoNEO$11.41
What is Cryptocurrency? How to Use, the Future of Crypto, the History of Bitcoin
Cryptocurrency market is actively developing and expanding. This relatively new industry is causing a lot of questions and attracting a huge number of investors, businessmen and ordinary people. “What is the future of cryptocurrency?”, “How to choose cryptocurrency exchange?”, “How to sell Bitcoins?” “What about cryptocurrency mining”? Millions of people read cryptocurrency news everyday and […]
2019-04-08 0 48
What is Bitcoin?
The cryptocurrency industry is becoming more and more popular all around the world. Despite the fact that there are more than 1000 different cryptocurrencies and the number keeps growing, cryptocurrency is often associated with Bitcoin. Bitcoin is the first modern cryptocurrency in the world; it attracts thousands of users and investors from different countries. Millions […]
2019-03-20 0 46
Bitcoin, Ethereum, Ripple, Monero, Dash, Tron: major differences and features
Investors see different names of cryptocurrencies and the movement of their courses, but typically don’t even know why the digital coins are so popular. Most of us have already Googled “How to buy Bitcoin” or “How to sell Ethereum”. Cryptocurencies are becoming more and more popular: Bitcoin price is fluctuating and its value is not […]
2019-03-19 0 45
What is Blockchain?
“Giving users easy access to many different kinds of digital assets on the blockchain and, particularly, tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix Global’s initiative in being the first of many such projects to successfully launch” – Vitalik […]
2019-03-06 0 43
© 2017–2018