Jack Dorsey is a famous internet entrepreneur. He is the co-founder and CEO of Twitter, which is one of the most popular social media networks in the world. Moreover, Dorsey is also the founder and CEO of Square. Recently, Payments provider Square, founded by Dorsey, received a U.S. patent. This patent will have a huge influence on crypto as this patent will make it easier to use cryptocurrencies.
On Tuesday, the U.S. Patent and Trademark Office granted a patent to the square. This patent is about a new network that enables seamless crypto-to-fiat transactions.
According to Squares’ application submitted to the Patent Office, thanks to technology, the first party will be able to pay in any currency. Moreover, the second party will have the ability to get paid in any currency.
Moreover, this network has the ability to automatically exchange the sender’s payment into the currency specified by the receiver.
The crypto-related patent and retail sector
Cryptocurrencies are becoming more widespread and the retail sector has to adapt to the new reality. The new system will be helpful for the retail sector. Currently, many cryptocurrencies are too volatile as well as too slow to be used when paying for various products.
Moreover, 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.
The new payments system will address the problems as mentioned-above 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. At the same time, companies will receive the full value in an asset they would like to hold.
Furthermore, the system is flexible and as a result, it is possible to add support for other asset classes such as derivatives, loans, and securities.