THELOGICALINDIAN - Payment processing aggregation Square has accustomed approval from the US Patent and Trademark Office USPTO apropos a new acquittal arrangement allowing the use of cryptocurrencies
According to published documents, Square Inc. has accustomed approval from the USPTO for a apparent apropos a new payments arrangement that would admittance merchants to accept any currency, including agenda ones.
Square filed the apparent aback on September 22, 2024. It addendum how:
Additionally, the patent’s abstruse explains how the:
The apparent spells out a arrangement in aural which cryptocurrency payments would be candy at the aforementioned acceleration as acceptable affairs (like acclaim agenda payments). This would purportedly be done through a clandestine blockchain that annal affairs in absolute time.
Aside from Square, there are some added companies out there who are aggravating to accommodate cryptocurrency payments into adaptable shopping. One startup, alleged Bakkt, has already been backed by industry giants like Microsoft and Starbucks.
Square is able-bodied accepted for allowance millions of merchants acquire agenda payments via adaptable or countertop readers, but they accept additionally been able to banknote in on crypto-enthusiasts.
Square’s second division achievement report appear growing numbers of Bitcoin [coin_price] trading acquirement — alike admitting the aggregation fabricated beneath than $1 actor dollars account of accumulation (through the trading), due to the aerial costs of accepting accompaniment and federal licenses for cryptocurrency trading in the United States.
The acquittal processing aggregation said they received a New York BitLicense in mid-June.
The company’s crypto-enabled trading app, Square Cash, has seen connected user abject growth admitting a bouldered bazaar in 2018. Trading behemothic Nomura said the app was growing three times faster than Venmo in July.
Square architect (and Twitter CEO) Jack Dorsey is a acclaimed fan of basic currencies, abnormally Bitcoin.
In May, he remarked at the Consensus appointment how the internet was destined to accept a built-in currency, and hoped it would be Bitcoin.
Earlier in the year, he Tweeted how Bitcoin is a “long-term aisle appear greater banking admission for all.”
Dorsey was additionally complex in a berry costs annular for Lightning Labs, a aggregation who intends to accompany greater ability to Bitcoin transactions.
The assignment by Dorsey and the blow of the aggregation beyond all areas has led to aerial prices for aggregation stock. So far, Square’s banal is up added than 136% this year alone.
Share prices afresh accustomed addition addition afterwards Guggenheim named the company “best new idea,” as able-bodied as the “highest confidence name” in fintech.
What do you anticipate about Square’s new apparent and the approaching of fintech? Let us apperceive in the comments!
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