PayPal patented a way to speed up the transactions

The method assumes peers to neglect the approval time on the blockchain
05 March 2018   451

Last week on March, 1 US Patent and Trademark Office published a peculiar patent application. The application was filed by PayPal and proposed a rather unorthodox way of virtual currency exchange process. Traditionally, peers seal the deal, make a transaction and wait for it to be included in the next block of a network. This usually results in relatively long waiting time until peers can actually get the cryptocurrency.

Now, PayPal suggests creating secondary wallets along with the primary ones by each user. As these secondary wallets have their own private keys assigned, PayPal proposes swapping these private keys between peers instead of submitting a transaction and waiting for the inclusion. The wallets would come with a predefined amount of the cryptocurrency. The swapping process will happen 'behind-the-scenes' and be performed by the system.

This idea is notable because although it eliminates lag in the payment process by the order of magnitude, it seems to eliminate the blockchain transparency component along. Starting from 2014, with establishing key partnerships with several bitcoin payment processors PayPal merchants got the chance to accept cryptocurrency. Also, it was reported that the co-founder of PayPal, Peter Thiel made a big investment in Bitcoin.

Survey: Millionaires do not gain Enough Crypto Advice

A survey revealed today by Capgemini shows: only 34.6 percent of high net worth individuals have got cryptocurrency information from their wealth managers
19 June 2018   51

According to Reuters, the information is received from Capgemini’s annual survey, the World Wealth Report. The latest edition demonstreted that additionally to the aforementioned 29 percent, a further 26.9 percent are “on the fence” relatively to  cryptocurrency investment - meaning that well over half of HNWIs are aware of and/or interested in cryptocurrency like Bitcoin.

A Paris-based business consulting corporation, Capgemeni, determines HNWIs as people with at least $1 million accessible to invest, outside of asset holdings such as real estate, automobiles, and art. At the start of 2018, there were a counted 15.2 million such people in the world. This part of society controls more than $70 trillion, and Capgemini expects that figure to rise to $106 trillion by 2025.

Also it was found by the study that 71.1 percent of younger millionaires (age 40 and below) place “high importance” on getting information about cryptocurrency from their wealth management firms, as do 13 percent of those aged 60 and over. In the whole, only 34.6 percent of them claimed that they had learnt cryptocurrency information from their wealth managers. 

This probably points to a trend of wealth managers being a bit behind the times. It also unfolds that a market force which could go some way towards explaining the fact that at least 167 new cryptocurrency hedge funds were instituted last year. During the year of 2017, these funds saw massive growth in profit.