{"id":67393,"date":"2023-09-30T22:00:35","date_gmt":"2023-10-01T02:00:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/paypal-deepens-crypto-footing-with-layer-2-solutions-and-nft-patent-applications\/"},"modified":"2023-09-30T22:00:39","modified_gmt":"2023-10-01T02:00:39","slug":"paypal-deepens-crypto-footing-with-layer-2-solutions-and-nft-patent-applications","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=67393","title":{"rendered":"PayPal Deepens Crypto Footing With Layer-2 Solutions and NFT Patent Applications"},"content":{"rendered":"<div>\n<p><strong>PayPal<\/strong>\u00a0has filed a series of patent applications that indicate the payments giant aims to research and build up across multiple domains within the cryptocurrency ecosystem.<\/p>\n<p>One of the latest patent applications, filed in March 2022 and made public on Thursday, delves into the selection process for validators or miners responsible for adding transactions to the blockchain.\u00a0<\/p>\n<p>The\u00a0document\u00a0states that the company\u2019s disclosed techniques could \u201cadvantageously allow steering of blockchain requests to a desired subset of miners\/validators.\u201d<\/p>\n<p>Three additional patent applications, also filed in March 2022 and\u00a0published\u00a0on September 21, explore different aspects of PayPal&#8217;s crypto-related endeavors.\u00a0<\/p>\n<h2>PayPal Patent Mentions NFT Marketplace<\/h2>\n<p>One application focuses on enabling off-chain transactions through non-fungible token (NFT) marketplaces, introducing new methods and systems for seamless transactions.<\/p>\n<p>It describes a system where users can buy and sell NFTs through a third-party service provider. That provider is not specified, though Ethereum is mentioned in the text.<\/p>\n<p>\u201cThe NFT in this example may represent any unique piece of digital data that can be tracked using a decentralized blockchain ledger,&#8221; the filing said.\u00a0<\/p>\n<blockquote>\n<p>&#8220;Examples of such assets include [&#8230;] digital images and videos, music, collectibles, and other digital art along with deeds to personal property, event tickets, legal documents and other real-world items.&#8221;<\/p>\n<\/blockquote>\n<p>Another patent application introduces the concept of an &#8220;omniverse,&#8221; a product designed to operate across multiple metaverses.\u00a0<\/p>\n<p>PayPal has developed an online transaction processor that leverages a user&#8217;s blockchain preferences and interactions within various metaverses to provide personalized recommendations for digital asset purchases.<\/p>\n<p>The third patent application outlines an online transaction processor aimed at facilitating payments between users and merchants operating on different network layers (layer-1s and layer-2s) in a more efficient manner.<\/p>\n<p>This processor seeks to streamline cross-layer payments, enhancing the overall payment experience.<\/p>\n<h2>PayPal Expands Suite of Crypto Products<\/h2>\n<p>The latest patent applications come as the payments giant continues to expand its suite of crypto products and services.\u00a0<\/p>\n<p>Back in August, the company\u00a0announced\u00a0that it is rolling out its PYUSD stablecoin soon.\u00a0<\/p>\n<p>The dollar-pegged asset is issued by\u00a0<strong>Paxos<\/strong>, a blockchain infrastructure firm that used to issue\u00a0Binance USD (BUSD)\u00a0stablecoin.<\/p>\n<p>Furthermore, the payments giant also launched a new feature that allows users to hold and interact with\u00a0Bitcoin (BTC)\u00a0and other cryptocurrencies in their accounts.\u00a0<\/p>\n<p>The new functionality, called\u00a0<strong>Cryptocurrencies Hub<\/strong>, will allow users to not only hold a balance in various cryptocurrencies but also engage in transactions involving these digital assets.<\/p>\n<p>By accessing the Cryptocurrencies Hub, PayPal users will be able to buy, sell, receive, and send cryptocurrencies.\u00a0<\/p>\n<p>More recently, the company\u00a0launched a USD conversion service\u00a0that enables users to seamlessly convert their digital currencies into US dollars.<\/p>\n<p>With this service, crypto wallet users in the US can directly convert their crypto holdings into USD and have the funds available in their PayPal balance.\u00a0<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/paypal-deepens-crypto-footing-with-layer-2-solutions-and-nft-patent-applications.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PayPal\u00a0has filed a series of patent applications that indicate the payments giant aims to research and build up across multiple domains within the cryptocurrency ecosystem. One of the latest patent applications, filed in March 2022 and made public on Thursday, delves into the selection process for validators or miners responsible for adding transactions to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":67394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-67393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PayPal Deepens Crypto Footing With Layer-2 Solutions and NFT Patent Applications | iFintechWorld<\/title>\n<meta name=\"description\" content=\"PayPal\u00a0has filed a series of patent applications that indicate the payments giant aims to research and build up across multiple domains within the\" \/>\n<meta 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