- Square (NYSE:SQ) has won a patent for a payments network that would enable seamless transactions between crypto asset types and fiat currencies, Coindesk reports.
- The patent provides for a system that could let people holding different asset types transact in real time: “The present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency,” according to the application.
- That could smooth the use of currencies like bitcoin (BTC-USD) for retail use – an application where few merchants can take payment methods that take too long to process amid wildly swinging values.
- The patent suggests the system could be extended to add support for asset classes including securities, derivatives or loans, Coindesk notes.
Author: Jason Aycock
Source: Seeking Alpha: Square wins patent for crypto-to-fiat processing – report