Not too long ago we have reported that PayPal’s chief financial officer John Rainey has expressed positively for BTC to become a popular payment method and how it could be “used every day”.

Now the payment giant has filed a patent with the U.S. Patent and Trademark Office (USPTO) on the 1st of March, aiming to increase the speed of cryptocurrency payments. The patent goes in detail about a so called “Expedited Virtual Currency Transaction System” mainly about the use of secondary private keys to shorten the waiting time within the transactions of consumers and merchants. The idea is to avoid the process of sending a transaction and waiting for it to be included in the next network block. How would this happen? With the proposed secondary wallets and their own unique private keys for both buyers and sellers. The system automatically transfers the private keys with the exact given amount of the desired cryptocurrency.

According to the official patent:

“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.”

Peter Todd, a well known Bitcoin developer, already commented on the patent and he basically compared it to OpenDime, which is a so called “Bitcoin Stick” that generates a private key for you that is used for on-the-way spending.