SAN FRANCISCO—Square has received approval from the United States Patent and Trademark Office for a patent concerning a new payments system that would permit merchants to accept any currency, including digital ones.
The patent spells out a system in which cryptocurrency payments would be processed at the same speed as traditional transactions like credit card payments, Bitcoinist reported.
This would purportedly be done through a private blockchain that records transactions in real time.
“Square is well known for helping millions of merchants accept card payments via mobile or countertop readers, but they have also been able to cash in on crypto-enthusiasts,” Bitcoinist said.
The payment processing company said they received a New York BitLicense in mid-June. The company’s crypto-enabled trading app, Square Cash, has seen continued user base growth despite a rocky market in 2018. Trading giant Nomura said the app was growing three times faster than Venmo in July, Bitcoinist said.