Square, the company founded and led by Twitter CEO Jack Dorsey, has recently been granted ownership of a patent regarding crypto-to-fiat transactions, according to CoinDesk.
Entitled simply “Cryptocurrency payment network,” this patent notes the significance of Bitcoin and other cryptocurrencies:
“Holders of bitcoin and other cryptocurrencies are not tied to any government, are decentralized, and allow direct transactions, while still maintaining the trust and stability of fiat currencies. Bitcoin in particular appears to be more than a passing fad and with billions in total value in distribution, bitcoin stores significant economic potential.”
However, it then goes into the fact that Bitcoin and other cryptocurrencies aren’t very “widely accepted.” Hence, this patent, and Square, is looking to change that for the better with this new system.
It then goes into why such an app would even be necessary. A big part of that is because of “business related issues” such as that exchange rates between crypto and fiat at many traditional cryptocurrency exchanges can “fluctuate widely.” It’s because of this that big businesses and other groups may hesitate to get involved with digital assets. Square may save the day there.
For a while now, Jack Dorsey has been an advocate of Bitcoin, even once calling it the currency of the internet. It makes complete sense that his company Square would push into making Bitcoin more accessible, and this patent is yet another case of just that. This and the project just recently announced that it is coming out with a Lightning Development Kit.