Paypal files patent for crypto-payment – June 22nd, 2016

Has anyone noticed that Paypal has slowly been positioning itself to have a large involvement in the crypto world?

On January 12th 2016, Paypal made an interesting new addition to their Board of Directors, a man who is legendary in the Bitcoin space. Wences had the vision to set up one of the first Bitcoin wallets and vaults. He is the founder and CEO of the payments company XAPO which is largely thought to be the largest custodian of Bitcoin today.

Wences Casares has served as a director of PayPal since January 2016. He is the Founder of Xapo Inc., a bitcoin wallet and vault startup, and has served as Chief Executive Officer since March 2014. From October 2011 to March 2014, Mr. Casares was Founder and Chief Executive Officer of Lemon Inc., a digital wallet platform.  From March 2007 to October 2011, Mr. Casares was Co-Chief Executive Officer of Bling Nation Ltd., a mobile payments platform.  He also serves on the Board of Directors of and Endeavor Global, Inc.

In late May, Paypal filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin. A couple of snapshots from the patent filing suggest the device will look something like this:

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Its impossible to argue that when the world’s largest fin tech company is looking at crypto, it’s pretty hard to ignore!!!!!

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