Square, the fiat-to-crypto payment network system founded and run by Twitter CEO Jack Dorsey, has been granted a real-time fiat-to-crypto patent.
On Jan 21, the financial services and mobile payment firm won a patent to run its fiat-to-crypto network. The firm appealed for this patent back in September 14th 2018 to the United States Patent and Trademark office. According to the office, the payments system will enable users with different assets to transact in real-time with each other.
“method includes receiving a request for payment associated with a transaction between a first user and a second user, where the request specifies a payment amount in fiat currency and identifying an indication that the first user intends to satisfy the request for payment using a non-fiat instrument,” an excerpt read.
Automatic Exchanges and Real-time Exchanges
Moreover, Square now has the capacity to exchange the preferred digital asset of the one receiving. These features will be favourable to retailers in the market. In addition, Square tackles the challenge of market volatility and time consumption in completing the transaction in a very swift manner. The network settles transactions in real-time and also makes automatic exchanges.
In addition, the privacy of the system has also been improved. Square now allows users to settle payments using a privacy coin to keep identities secure. Additionally, the patent network authorizes supplementary support for extra assets such as securities, derivatives, loans and much more.
Square’s Stance on Bitcoin
Furthermore, the network added bitcoin to its network back in 2018. Jack is a believer in bitcoin. He has mentioned many times that bitcoin has the potential to replace fiat currency and become the native currency of this generation. However, the network has not given many details about other digital currencies.
In conclusion, on January 21 Square announced the development of Lightening Development Kit (LDK). LDK will personalize wallet and app development such as an API, language bindings and demo apps.