Square Inc. got patent for Fiat-to-Crypto payments network

by in Cryptocurrency News

Jack Dorsey's Square

Jack Dorsey's Square Inc. received an American patent on payment network technology for direct crypto-fiat transactions on Tuesday.

According to a report from the US Patent and Trademark Office, the payment network allows users with assets of various types to conduct transactions between themselves in real-time.

“The presented technology allows the first participant to pay in any currency, and the second - to receive funds in any currency,” Square said in a statement. The network itself exchanges the first currency for the one that was selected by the recipient.

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It is supposed that such a system will be useful for representatives of the retail industry. Cryptocurrencies are characterized by increased volatility, which prevents their distribution as a means of payment. Numerous sellers refuse to work with them because, during the processing of a payment, which can take up to several hours, the rate can change significantly.

As an additional advantage of such a system, Square points to the opportunity of using anonymous cryptocurrencies for users who do not want to reveal their identities. Besides, other types of assets can be added to the system, such as securities, derivatives, and loans. Founded by Twitter creator Jack Dorsey, Square began working with BTC in 2018. Dorsey himself has repeatedly stated about the ability of Bitcoin to become "currency of the Internet." On Tuesday, Square's crypto division announced a set of tools for integrating Lightning payments into bitcoin wallets.