San Francisco-based financial services and mobile payment company Square, has received a patent for a new payments processing system. Square’s new offering presents a way for transactions to be easily conducted between different digital assets and fiat currencies instantly.
According to a publication from the United States Patent and Trademark Office (USPTO), Square’s product can convert any asset easily, to any other specified asset by the receiver. It says:
“The present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency. In this way, the technology provides benefits that remove barriers to transactions that might inhibit international commerce or commerce with certain types of currency.”
In the publication, Square highlights a few of the challenges plaguing the crypto industry, causing a drawback to adoption. A lot of the time, crypto payments take a while to process, delaying the ease of business. Also, merchants that allow crypto payments sometimes only support one or just a limited number of assets.
With Square’s new offering, all that is history. A buyer can pay for goods or services using their own preferred asset, with the merchant able to receive payment in any asset they want, even when it’s different from what the buyer used.
Last year, Square reported third-quarter earnings on its CashApp totalling $125 million for Bitcoin transactions alone.
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