Jack Dorsey’s Square has announced that it is the newest recipient of a US patent for its crypto-to-fiat transaction network.
It aims to ensure hitch-free crypto-to-fiat transactions. The patent endorses Square payment protocol as a system that enables users to own different assets and also carry out transactions in real life.
The application reads, “The present technology permits a first party to pay in any currency while permitting the second party to be paid in any currency”. Also adding that Square’s new network will automatically replace the sender’s payment into the asset specified by the receiver.
How it works
According to Square, its technology will be especially beneficial to the retail sector. Also adding that the slow and highly volatile nature of many crypto makes them poor payment solutions. Thus, many merchants aren’t up for it. This is what Square is trying to fix. The payment processor believes it can “remove barriers” with its system of automatic exchange and real-time settlements. With this network in place, bitcoin transactions will only take seconds to be verified.
Consumers also have the liberty to make payments in any asset. For example, users can make use of privacy coins to remain anonymous, while merchants also receive payment in any asset they want. According to the patent, the technology can be extended to cover other assets like loans and securities.
In 2018, Square added support for bitcoin. Dorsey, though not a great fan of altcoins, has always described Bitcoin as the one true crypto. Also adding that in the near future it will become the “native currency” for the internet.
That said, several media giants like Facebook and Telegram have disclosed plans to launch cryptocurrencies. Dorsey, on the other hand, revealed that his firm has no plans of launching any form of digital asset. Instead, he remains focused on lending support to the “king crypto.” Early this week, Square also announced the launch of its “Lightning Development Kit”. With it, developers will be able to build layer-2 solutions on the bitcoin protocol.
Altcoin Buzz previously reported that Dorsey referred to Africa as the future of Bitcoin.