Will PayPal’s Expedited Virtual Currency Transaction System Speed-up Payments?

Colleagues, the goal of PayPal’s application for a “Expedited Virtual Currency Transaction System" with the US Patent and Trademark Office is to speed-up payment processing. Reducing speed generally carries the benefit of lower OPEX. To achieve this the leading payments services firm proposed a method creating secondary wallets with their own unique private keys for sellers and buyers. This innovative system would transfer private keys tied to an exact amount of a cryptocurrency. PayPal joins the ranks of JP Morgan and other firms seeking a first mover advantage in the processing of Blockchain-based cryptocurrencies. On a broader front, PayPal is among the growing list firms such as Microsoft, PizzaforCoins, Overstock, Shopify and Subway who accept payments in cryptocurrencies. Will PayPal’s new technology – once approved – expedite payments (and lower transaction costs)? And which firm(s) are next in line to accept cryptocurrency payments? Send us your comments and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)