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Square receives U.S. patent for cryptocurrency payment network

Image by Rajiv Patel (Rajiv's View) from Flickr

Thu, 23 Jan 2020, 07:06 am UTC

The U.S. Patent and Trademark Office granted payments giant Square a patent for a cryptocurrency payment network that allows for seamless real-time crypto-to-fiat transactions, CoinDesk reported.

“The present technology pertains to technologies for accepting virtual currencies in a point of sale transaction,” the description reads.

The payment provider recognizes how cryptocurrencies like bitcoin and ethereum are growing in popularity. However, despite their growing popularity, cryptocurrencies are not being widely accepted.

Square listed a number of factors that impede widespread adoption of cryptocurrencies including long transaction times, anonymous identities, security concerns, price fluctuations, among others.

The company said that its payment service can “facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice. In some embodiments, the payment service can eliminate barriers to transactions common when using non-fiat currencies, while maintaining the benefits of transacting in those non-fiat currencies.”

Support for other asset classes such as securities, derivatives, and loans could also be added, Square said.

Meanwhile, Square Crypto, Square's bitcoin-focused unit, announced that they are building a “Lightning Development Kit” for existing bitcoin wallets and developers deliver better user experiences.

“For bitcoin to become a widely used global currency – one that can’t be stopped, tampered with or rigged in anyone’s favor – improvements to bitcoin’s UX, security, privacy, and scaling are required,” Square Crypto wrote.

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