Copy link
Increase text size
Decrease text size
Link copied

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.05.04 03:17:59
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $10,910.20 (+1.65%)
  • Ethereum (ETH) $368.22 (+3.62%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $232.96 (+2.48%)
  • Binance Coin (BNB) $29.09 (+2.86%)
  • Bitcoin (BTC) $10,910.20 (+1.65%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft