One of the digital payment firm giants in the crypto space, Square, recently won a patent for a payment network that will allow merchants to accept payments in any possible cryptocurrency, including Bitcoin, Ethereum etc.
According to one public document that was published on August 21st by the US Patent & Trademark Office (USPTO), Square’s application to patent a system that allows merchants to accept cryptocurrencies as well as conventional payment methods has been officially accepted.
Square initially filed for this patent in September 2017, with a description that reads the following:
“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.”
Right now, Square is innovating with this idea – but is not the first payment processor to allow merchants to accept crypto payments. BitPay, for example, has been processing Bitcoin payments since 2011.
However, the good thing about Square is its amazing market penetration which means that adding cryptocurrency payments to its POS system will allow millions of merchants to accept Bitcoin without any other payment processor or the need for manual conversion of cryptocurrency to fiat money.
Right now, there is no guarantee that Square will implement the patented cryptocurrency payment network in its POS service. However, the CEO of the company, Jack Dorsey, recently stated that Bitcoin could be the internet’s native currency which is why many people believe that this is the first step for Square towards achieving that mission.
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