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PayPal's patent filing was for an "expedited virtual currency transaction system," which could speed up cryptocurrency transactions by allowing buyers and sellers to trade private keys and not wait for transactions to be confirmed on the blockchain
Deleeuw sees some challenges for PayPal if it were to get involved with crypto in this way, noting for one that "the reliance on PayPal for enabling this solution defeats the decentralized purpose of cryptos." He added that while the patent was recently made public, it was filed in mid-2016, and recent comments from management