Square Wins Patent for Crypto Payment Network
Public documents published by the U.S. Patent & Trademark Office (USPTO) shows that Square’s patent filed in September of 2017 has been accepted.
Square, the San Fransico based digital payment firm has won a patent for a “cryptocurrency payment network” (POS) system that will allow retailers to accept the transaction in any currency including bitcoin or another cryptocurrency.
On August 21, The US Patent & Trademark Office (USPTO) approved Square’s application for this particular technology. Once rolled out, it can allow merchants to accept cryptocurrencies and even cash out in the currency of their choice.
According to the patent;
“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies…including virtual currencies including cryptocurrencies (bitcoin, ether, etc.)…than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein 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.”
Square would not be the first payment processor to allow merchants to accept payments in cryptocurrency that are automatically converted into local currency.
The CEO of Square, Jack Dorsey stated that:
“The internet deserves a native currency. It will have a native currency. I don’t know if it will be Bitcoin or not.” He said in an interview that “I hope it will be a Bitcoin”.
Dorsey further stated that the platform has a keen interest in Bitcoin and the Bitcoin is far more worthy than just buying and selling.
Get Bitzamp Latest Update By Downloading our Mobile App: Bitzamp – Cryptocurrency News – Apps on Google Play