Square Has the Green Light to Develop a New Crypto Payment System
Californian card processing firm Square has the green light from the U.S. Patent and Trademark Office (USPTO) to develop a new crypto-powered payment system.
The U.S. Patent and Trademark Office (USPTO) has approved the patent submitted by Square Inc. According to it, the company plans to create a new payment system that will operate both with fiat and crypto assets.
Square submitted the document on September 22, 2017. It describes how:
“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.).”
Furthermore, the patent’s abstract notes how the:
“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 new system aims to process cryptocurrency-based payments at the same standards as regular transactions (such as credit card transfers). The system would purportedly operate on an individual blockchain network.
Square Inc. is not the only company to introduce crypto asset payments within mobile shopping. Following its announcement this month, Bakkt has attracted great attention from the media and investors, especially thanks to collaborators behind the platform – which includes Starbucks, Microsoft, and the Intercontinental Exchange (ICE) company. The platform intends to release a cryptocurrency exchange aimed to offer a “scalable on-ramp for institutional, merchant and consumer participation.”
Too many demands from the crypto space
The payment giant founded in 2009 by Jack Dorsey and Jim McKelvey is renowned for offering millions of merchants the possibility to accept credit card payments via mobile. More recently, the company started to show its interest in the crypto market, as there are plenty of demands from the crypto community.
The news comes roughly two weeks after the company’s app Square Cash announced it is available in all 50 US states.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
“The internet will have a single currency. I personally believe that it will be bitcoin,” claimed Square CEO Jack Dorsey.