Jack Dorsey’s payment provider Square wins patent for “seamless” system of crypto-to-fiat transactions

posted about 1 month ago
Payments provider Square won a US patent for a new network that enables seamless crypto-to-fiat transactions. The US Patent and Trademark Office granted the patent detailing a payment system allowing users holding different asset types to transact with one another in real-time.

"The present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency," reads Square's application. The network itself can automatically exchange the sender's payment into the asset specified by the receiver. This new system could be especially advantageous for the retail sector, according to the filing. Square thinks it can "remove barriers" with a system that features automatic exchange and real-time settlements. Consumers can pay in their preferred asset – using a privacy coin to keep their identities secret, for example – and merchants receive the full value in an asset they want to hold.
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