CAPE TOWN - A newly filed patent shows that Paypal wants to boost the speed of cryptocurrency payments with new technology.

Filed with the U.S. Patent and Trademark Office (USPTO), the application explains that "Expedited Virtual Currency Transaction System" is a method by which private keys - the strings of numbers and letters used to transact cryptocurrency holdings - are swapped from a buyer to a seller behind the scenes.

This means that the new system will reduce the amount of time taken for cryptocurrency payments to be processed by exchanging the private keys of buyers and sellers.

File Image: IOL
File Image: IOL

"The systems and methods of the present disclosure 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 filing states. 

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