Payments provider Square, founded by Twitter’s CEO Jack Dorsey, obtained a patent. Three days ago, the U.S. Patent and Trademark Office granted a to the payment provider Square. This patent will make it easier to use cryptocurrencies.
The purpose of the new network is to enable seamless crypto-to-fiat transactions.
The application submitted by the company to the Patent Office helps to learn more about this technology.
For example, a person will have the opportunity to pay in any currency. Moreover, it will be up to the receiver to choose the currency they would like to get paid.
Additionally, this network has the ability to automatically exchange the sender’s payment into the currency specified by the receiver.
Cryptocurrencies and payments system
One of the biggest challenges when it comes to using cryptocurrencies actively is the lack of infrastructure.
The new payments system developed by Square will improve the situation. For instance, it will become easier to use cryptocurrencies in shopping centers, etc.
It is worth mentioning that many cryptocurrencies are too volatile as well as too slow to be used when paying for various products.
Furthermore, only a limited number of merchants can accept cryptocurrencies as it takes hours to process the payment. It is important to mention that, price of cryptocurrency may change several times they will receive their money.
In this situation, a new payments system is one of the solutions to change the status quo as the system includes automatic exchange and real-time settlements.
This system allows the customers to pay in their preferred asset by using a privacy coin to hide their identities. Companies will receive the full value of an asset they would like to hold.
Last but not least, Square integrated bitcoin in 2018. The company’s CEO believes Bitcoin has the potential to become the “native currency” for the internet.