Popular Payment Processor Square Wins Crypto Patent That Will Drive Merchant Adoption

Square, one of the top payment processors, has received approval of a patent that would facilitate cryptocurrency payments for merchants at any Square point-of-sales.

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Square, one of the top payment processors, has received approval of a patent that would facilitate cryptocurrency payments for merchants at any Square point-of-sales.

One of the biggest problems facing cryptocurrencies is their lack of use as payment options by merchants and businesses across the world.

If cryptocurrencies are to compete or even displace fiat currencies in the near future, accepting them as a medium of exchange is a must.

Square wins crypto payment patent

Several crypto companies are striving to increase crypto adoption and mobile payment processor Square is the latest to make a breakthrough. The company has won a patent that allows merchants to accept cryptocurrency payments.

This move would lead to a faster adoption of cryptocurrencies by consumers and businesses. Square filed the patent back in September 2017. A document published August 21 revealed that it has approved Square’s patent proposal and the company can start developing its new payment system.

In addition to cryptocurrencies, merchants can also accept other payment types and cash out in several options that would be made available.

This move is a very important one due to the fact that Square helps millions of sellers accept credit and debit card payments online and in person through mobile or countertop readers.

The founder and CEO of the company, Jack Dorsey, has reiterated on several occasions that Bitcoin has the potential to become the world’s single currency in a decade. It is no surprise that the company is leading the way in crypto payment integration.

Square’s patent to eliminate blockchain latency concerns

Asides making it possible for merchants to accept cryptocurrencies, Square is looking to eliminate latency in blockchain transactions.

Square, in their filing, explained how they would develop a system that would allow Bitcoin and other cryptocurrencies to be processed at roughly the same speed as credit card transactions.

The firm aims to achieve this through a private blockchain which would record real-time transactions made from Square’s wallets.

In the filing, Square added some reference drawings which indicate bitcoin payments being executed via its Cash App.

Even though there is no guarantee that Square would develop this cryptocurrency payment network, there is a high chance that it will. Square and Dorsey have long been proponents of Bitcoin and other digital currencies, and that counts for something.

Exciting times ahead for merchant adoption

Square’s patent is exciting for the community as it will likely lead to major merchant adoption. What’s even more exciting is that Square isn’t the only one racing to improve adoption of cryptocurrencies among commerces.

BitPay has been accepting Bitcoin as payment over the past few years, although it can’t exactly be compared to Square.

Bakkt on the other hand, which was created by the Intercontinental Exchange, Starbucks and Microsoft, is looking to integrate Bitcoin payments into the mobile shopping experience.

Bakkt is aiming to put cryptocurrencies into a global economy where roughly $25 trillion is spent on a credit card and online shopping fees. Together, these big names can make a tremendous impact on the industry.

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