Square Continues Doubling Down On Crypto
Square Inc., the mobile payment processing company, has won a patent which will help secure cryptocurrency payment systems. This new license will enable merchants to accept both crypto and fiat payments and in turn cash out to any preferred currency.
According to published documents, the San Francisco-based firm was award the patent by the U.S. Patent and Trademark Office (USPTO) this last month after having initially applied for it back on September 22, 2017.
The patent outlines how the technology will provide a payment service that will aid financial transactions between customers and merchants. The customer will be able to pay in any currency and also the merchant will be able to accept any currency.
Square Patent Unlocks Crypto To Fiat Gateways
Square added that even though the license might not eliminate all the spending risk, it will improve the payment process for all merchants. In the patent document, the company stated that this new system would add flexibility to the payment method and also suppress any hitches that cause delays in payment processing.
Part of the wall for crypto adoption has been the problem merchants find in adoption. Many still aren’t able to use them as convenient mediums of exchange for everyday goods and services.
Some of the reasons for this include; lack of interoperability between existing systems, latency in processing, and slow transaction confirmations.
Square will process the cryptocurrency payments in a private blockchain. This platform will enable merchants’ point of sale systems to monitor customer balances before recording this information on the blockchain. It will also shield merchants from the risk of double spending attacks.
Even in this bear market, Square is outpacing competitors like PayPal in adapting to a future with cryptocurrencies. These moves have helped propel Square to a 5x stock price from its IPO; a sign that investors are interested in mainstream firms supporting Bitcoin and other digital coins.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology