Square Inc. Received a Patent Approval for a New Payment Network Allowing the Use of Cryptocurrency
The payment company Square has received approval from the US Patent and Trademark Office (USPTO) for a relative new payment network allowing the use of cryptocurrencies. According to published documents, Square Inc. filed an application for a patent in the USPTO as early as September 22, 2017. It reads as follows:
"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.)"
The presented patent describes a system in which payments related to digital assets are processed at the same speed as traditional types of transactions (for example, credit card payments). All this is implemented through a private blockchain, which records transactions in real time.
In addition to Square Inc., there are other companies that are trying to integrate crypto-payments into the mobile store. For example, the Bakkt project, which received support from corporations such as Microsoft and Starbucks.
The trade application Crypto-enabled, offered by Square, demonstrates the continued growth of the user base, despite the rocky market in 2018. Representatives of the trading company Nomura commented on the new product, saying that the application scales three times faster than Venmo.
One of the founders of the company Square, as well as CEO of Twitter - Jack Dorsey, is a very big fan of digital assets, in particular bitcoin. Back in May, at one of the conferences, he stated that the Internet needed to have his own currency. According to him, this currency must necessarily be bitcoin.
Jack Dorsey also participated in one of the rounds of funding for the company Lightning Labs, which aims to improve the efficiency of transactions in the network bitcoin. His work allowed increasing the growth of the company's share price. For this year, the share price of Square Inc. increased by 136%.