Square Wins Patent for Crypto Payment Network, This Could Pave the Way for Merchant Adoption
Square Inc has secured a patent for a payment network where merchants can accept payments in any currency including Cryptocurrencies like Bitcoin.
The US Patent And Trademark Office (USPTO) has approved the patent named Cryptocurrency Payment Network applied by Sqaure Inc whose CEO is Jack Dorsey.
The patent was filed back in September 2017, the abstract of the patent reads:
Present technology supports payments using cryptocurrency, while improving such transactions in a way that takes advantage of benefits of such transactions while overcoming drawbacks such as delays in processing.
The patent mentions that by using the payment network merchants can accept any currency including Cryptocurrencies like Bitcoin, Ether. The patent furthur explains:
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.)
The main problems today with processing Bitcoin or other Crypto transactions is that it can be slower compared to a Visa or Mastercard, this problem can potentially be eliminated using this solution by having a private Blockchain which will record the transactions and then eventually sending the final records in batches to the main chain.
Essentially it will be convenient for the merchants as they don’t have to worry about converting the Crypto into fiat or adding another payment processor to enable Crypto payments instead they can easily opt-in though Square.
Jack Dorsey is a big believer in Bitcoin and has expressed his views publicly on various occasions about how he thinks that Bitcoin could be the native currency of the internet.
This is not the first time that a similar solution like this is being considered, but what is different this time is that Square also already has Millions of users and merchants in their platform.
Through their Square Cash app Bitcoin peer to peer transactions have already been enabled, so there is a high chance that this payment will be availed soon to millions of users given that the CEO Jack Dorsey is Crypto friendly (who has also invested in Bitcoin’s Lightning Labs).
Square has seen a good growth and even surpassed Venmo in terms of the number of users leading to an increase in their stock price.
Kevin Rooke Tweeted:
2 million merchants
A CEO who loves Bitcoin
and a patent for a cryptocurrency payment network
I'll let you connect the dots here pic.twitter.com/B43ufpf3ir
— Kevin Rooke (@kerooke) August 29, 2018
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