Square, a global payments provider, has won a US patent for a new network that enables crypto-to-fiat transactions.
Granted by the US Patent and Trademark Office, the patent details a payments system allowing users holding different asset types to transact with one another in real-time. Many cryptocurrencies are too volatile and too slow to become an effective payments solution.
However, Square aims to remove these ‘barriers’ with a system that features automatic exchange and real-time settlements. Consumers can pay in their preferred asset, using a privacy coin to keep their identities secret, for instance, and merchants receive the full value in an asset they want to hold.
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