The payment processing company Square has been awarded a patent by the US Patent and Trademark Office for a payment processing network that would enable users of cryptocurrencies to make payments or conversion to fiat. The platform will also enable conversion from one digital asset to another according to the release.
The new platform will be especially beneficial for retail users and those making payments to merchants. This has been one of the challenges retailers have in supporting crypto adoption. This stems from the fact that the prices of virtual assets are volatile and could vary widely in a short time.
Square believes that it could cushion the effect of such volatility in the price of digital currencies. In the filing, the company wrote:
“The present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency,”
Another advantage of the platform is its support for privacy coins such as Monero and Dash. This would effectively enable users to protect their privacy while making payments. Square is owned by Jack Dorsey, the Twitter founder. The company has plans to support more assets such as securities, derivatives or loans.
Square has been supporting Bitcoin which the founder believes would become the currency of the internet. This patency would see the platform support more cryptocurrencies. There’s plan for another project on the Square platform to enable developers build wallets and second layer solutions on the Bitcoin protocol in its Lightning Development Kit.