Paypal Files Patent for Expedited Cryptocurrency Transaction System
"A recent patent filing reveals that Paypal might be considering expanding its exposure to the cryptocurrency ecosystem with a new system for speedy transactions. We shouldn’t however expect a Paypal Lightning Network or anything close to that any ti..."
Citing a need for increased transaction speed, PayPal has filed a new patent application for an “expedited virtual currency transaction system” with the US Patent and Trademark Office. The last time it was reported that the company filed a patent application related to cryptocurrencies was back in mid-2016 when it showed plans for a modular payment module that accepted bitcoin, litecoin and dogecoin.
It will be interesting to keep an eye on other cyrpto-related patent filings because patent filings can often signal either the direction a company wants to head with their products/tech or could signal that they are trying to block others from entering various technical spaces.