Payments Giant Square under the leadership of Twitter CEO Jack Dorsey, makes a new push into cryptocurrency, having secured a patent for a first-time fiat-to-crypto payments system.
Jack Dorsey’s Square is a reckon to watch in the cryptocurrency industry. At the start of this week, the payment heavy-weight earned itself another crypto-related patent, one that registers a system for transforming fiat to payments to non-fiat payments according to the news by Coin Desk, an industry publication.
In line with Square’s patent application, a method entails receiving payment request for transactions between a first as well as second user, whereby the request outlines a payment amount in the fiat currency and spotting out an indication a sign that the first user wishes to satisfy the payment request by mode of a non-fiat instrument.
This means that the users of the cryptocurrency payment network can pay with flat, whereas recipients may choose to receive their amounts in digital currency. The currency exchange occurs through the network directly, and the parties in a transaction don’t need to add any extra steps. The payment network can also work in reverse with the fact that an individual could easily give digital currency while requesting for a flat payment to be given to the other individual. This is a possible way of providing retail customers with the ability to use crypto to buy goods at the traditional online shops as well as brick-mortar shops.
There are numerous advantages of patents to the platform’s technology. One of them is that it gives an individual the ability to be able to process crypto transactions in a short time. According to this document, cryptocurrency payments –mostly those that involve Bitcoin-can averagely take 10 minutes on minimum to give confirmation, while Square’s projected system could seemingly cut down that projection to a few seconds. This makes crypto transactions as fast compared to credit card transactions.
Square has had its eyes set on crypto for a while now, and just a few days ago, its crypto arm_appropriately known as the Square Crypto_ released its pioneer product, a Lightning Development Kit(LDK) programmed to ease the process of Lightning Technology Integration into new projects and businesses. The kit has it, among other tools, demo apps and language bindings for developers of Bitcoin.
In addition to that, the company’s CEO Jack Dorsey has over the past couple of years been complimenting Bitcoin. At the start of the year 2018, he went as far as informing the CNBC, a news agency, that Bitcoin could become the global single currency in the coming years.