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Square Awarded Patent for Cryptocurrency Payment Network

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Cryptocurrency may be one step closer to global acceptance thanks to Square Inc. (SQ).

The company now has a patent that allows merchants to accept cryptocurrency payments.  Considering Square’s massive market penetration, coins have another reason to rally.

According to the patent:

“The disclosed technology addresses the need in the art for a payment service capable of accepting a greater diversity of currencies…including virtual currencies including cryptocurrencies (bitcoin, ether, etc.) than a traditional payment system in a transaction between a customer and a merchant, and specifically for a payment service to solve or ameliorate problems germane to transactions with such currencies. Specifically, the payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”

The also refers to bitcoin payments being made with Square’s peer-to-peer Cash App.

While Square isn’t the first to process cryptocurrency payments the latest move means that millions of merchants will now have access.

In addition, according to Square CEO Jack Dorsey, Square’s interest in bitcoin extends beyond just buying and selling.  Instead, he sees cryptocurrency as a “transformational technology.”

BitPay Merchants have Access

In March 2018, BitPay announced it would begin supporting additional cryptocurrencies, beginning with Bitcoin Cash for example.

Bitcoin Cash will give BitPay merchants another way to receive blockchain payments from global customers around the world.  All without the risk of credit card fraud or chargebacks.

 

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