PayPal is working on new technology to boost the speed of its cryptocurrency payment services.

The company has filed an application with the US Patent and Trademark Office detailing its plan for an “Expedited Virtual Currency Transaction System”.

According to the application, 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.

The private keys are tied to temporary wallets which reflect the payment amount, and the exchange of these keys removes the need for cryptocurrency payments to be processed directly on the blockchain before the payment is confirmed.

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