A pioneer in the payment industry, PayPal has announced the addition of four Web3 domain patents, showcasing its ambitions.
According to reliable sources at BlockWork, PayPal has successfully registered four patents related to blockchain technology since March 2022 and officially acquired them on September 21, 2023.
One of the most notable patents is centered around “blockchain validation,” where PayPal delves deep into the selection of validators and operators in transaction incorporation into the blockchain, enabling PayPal to exert control over the transaction process as desired.
Next, we see an off-chain transaction solution focused on the NFT market and a product related to the virtual world known as the metaverse.
The third patent proposes an “online transaction processor,” addressing the use of digital assets based on blockchain technology and how users interact with them.
The final patent, another online transaction processor, takes a different approach. Its goal is to create a more favorable environment for payments between users and sellers operating on different layers of the blockchain (layer-1 and layer-2) in a more efficient and expedited manner.
PayPal’s recent disclosures demonstrate their ambitious venture into the Web3 market. The PYUSD stablecoin has been unveiled as a notable first step and listed on various exchanges. Furthermore, the Venmo application has recently declared its support for PYUSD, paving the way for an exciting new chapter in PayPal’s journey. In summary, these developments showcase PayPal’s dedication to expanding its presence in the exciting cryptocurrency world.