San Francisco-based mobile payment company Square operated by Twitter CEO Jack Dorsey won a US patent for a network that enables seamless crypto-to-fiat transactions.
The US Patent and Trademark Office granted the patent earlier this week. This patent will allow users holding different assets to transact with one another in real-time. The network will automatically exchange the sender’s payment into the asset or currency as specified by the receiver.
“The present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency,” reads the patent application of Square.
By allowing users to pay and receive in any denomination will remove the boundaries, said Square.
Change is Coming
The technology may be extended to add support to securities, derivatives, and loans as well, suggest the patent.
Interestingly, this is exactly what Intercontinental Exchange’s Bakkt is trying to do with its consumer-friendly payment app that could be ready later this year.
This technology Mati Greenspan, founder of Quantum Economic said in his daily newsletter could “change the way people interact with money.”
“Imagine a scenario in the not too distant future to receive your salary in diamonds, paying for your groceries with Tesla stock, and buying a car with partial ownership of your house. It’s coming soon,” Greenspan wondered aloud.
Mass adoption Too
This is yet another attempt on Dorsey’s part to give a boost to crypto adoption. The system would be especially viable for the retail sector as many merchants can’t accept payments in crypto because of their high volatility and the time it takes to process the payments.
This development came the same week Square Crypto launched “Lightning Development Kit” to enable app and wallet developers to create second layers solutions on top of the bitcoin protocol.
All these developments however aren’t surprising given that Dorsey is a vocal Bitcoin proponent who believes BTC could become the “native currency” of the internet.
Dorsey’s focus is only on Bitcoin and not on other cryptocurrencies despite being named Square Crypto as in June last year it was revealed, “The product we’re focusing on is Bitcoin.”
The goal is to do all that can be done to reach mass adoption for the cryptocurrency which “has been up and running for over 10 years,” because it’s a lot that needs to be done.