Jack Dorsey led financial service and payment firm, Square has bagged United States patent to proceed with its new cryptocurrency payment network.
The payment network reportedly enables real-time conversion of payments from fiat to non-fiat currencies including cryptocurrencies.
The initiative is aimed towards ensuring hitch-free crypto-to-fiat transactions. The patent endorses Square payment protocol as a system that enables users to own different assets and also carry out transactions in real life.
The application reads, “The present technology permits the first party to pay in any currency while permitting the second party to be paid in any currency”.
Also adding that Square’s new network will automatically replace the sender’s payment into the asset specified by the receiver.
How Square works
According to Square, its technology will be especially beneficial to the retail sector. Also adding that the slow and highly volatile nature of many crypto makes them poor payment solutions. Thus, many merchants aren’t up for it. This is what Square is trying to fix.
The payment processor believes it can “remove barriers” with its system of automatic exchange, and real-time settlements. Although, with this network in place, bitcoin transactions will only take seconds to be verified.
Consumers also have the liberty to make payments in any asset. For example, users can make use of privacy coins to remain anonymous, while merchants also receive payment in any asset they want.
According to the patent, the technology can also be extended to cover other assets like loans and securities.
In 2018, Square added support for bitcoin. Dorsey, though not a great fan of altcoins, has always described Bitcoin as the one true crypto.
Also adding that in the near future it will become the “native currency” for the internet.
That said, several media giants like Facebook and Telegram have disclosed plans to launch cryptocurrencies.
Jack Dorsey fully embracing crypto
Taking into consideration various recent developments, experts have stated that Twitter CEO has his eyes set on Bitcoin’s mainstream adoption.
The fact that he went on to predict that Bitcoin will become the world’s only true currency way back in 2018 suggests that this sought-after entrepreneur is also a true believer and core supporter of Bitcoin and blockchain tech at large.
Dorsey, on the other hand, has recently revealed that his firm has no plans of launching any form of digital asset. Instead, he remains focused on lending support to the “king crypto.”
Also, Square recently announced the launch of its “Lightning Development Kit”. With it, developers will be able to build layer-2 solutions on the bitcoin protocol.
The Lightning Development Kit simplifies the integration of Lightning without the need to create a new wallet and thus, spearheading mass Bitcoin adoption by fast-tracking its transactions