Boston, MA, 01/07/2014 (NYSEPOST) - There are reports that eBay Inc (NASDAQ:EBAY)'s PayPal has filed a patent application that strongly hints to a potential launch of its own virtual-currency. This patent-application proposes that secure tokens would let customers buy products without actually creating any payment-provider account. Mashable said that the patent filing stated that the recipient will be able to use the token to buy a product with the use of a checkout via a payment provider, but will not need creating a payment-provider account for the user.
The application also states that these tokens will be utilized for giving. Theoretically speaking they might also serve as currency as they can be used to make purchased outside PayPal and eBay Inc (NASDAQ:EBAY). In effect, this new currency, if it can be called that, will rival Bitcoin, Litecoin and dogecoin amongst many others.
David Marcus, the PayPal president said that in his opinion, this proposed token will not be used as a currency just yet as there is too much of fluctuation in the pricing and might not be of too much practical use.
In separate news, eBay Inc (NASDAQ:EBAY) has agreed to pay $4.75M to settle a class-action lawsuit that was filed over fees that it had charged sellers for its Featured Plus! Listing-upgrade from 23 January 2008- 4 February 2013. This was when eBay Inc (NASDAQ:EBAY) discontinued Featured Plus! Figari & Davenport, LLP attorneys filed this lawsuit on behalf of Custom LED, LLC the plaintiff and a class of sellers who had paid the Featured Plus! Listing-upgrade fees.
This case was filed in the U.S District Court in the Northern District of California. The plaintiff alleged that eBay Inc (NASDAQ:EBAY) had incorrectly described this operation of its Featured Plus! listing upgrade. The company has denied these allegations. If the court approves this, the settlement provide partial-refund to the class members who paid for this Feature Plus! Listing-upgrade during that class period.
