More good news for the company, Square, who earlier this summer became only the 7th company to receive one of New York’s coveted BitLicenses. This time, Square has been awarded a patent for their payment network which will allow user to pay with, and merchants to accept payments in, any of Square’s accepted forms of currency, which includes Bitcoin. Before this year’s Consensus conference, Square’s CEO, Jack Dorsey, announced that after a long “hackathon” with engineer, Mike Brock. The fruits of their labor was seen by successfully integrating Bitcoin into the balance of Square’s Cash Card. This integration meant the ability to fluidly spend Bitcoin or U.S. dollars from a single card, and of course, Jack purchased the ever symbolic, cup of coffee.
The patent, which was filed for in September 2017, expresses:
“The present technology provides a payment service for providing financial transactions between a customer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency. Furthermore, the present technology supports payment using cryptocurrency, while improving such transactions in a way that takes advantage of benefits of such transactions while overcoming drawbacks such as delays in processing.”
Square is not the first company to incorporate both govt. issued currencies and cryptocurrencies into a single payment network and credit card, as BitPay has also made this option available. The difference here is that Square has an already much larger market reach; Square’s proprietary, inexpensive credit card and chip readers have been popular in allowing small businesses to process credit cards for years. Being experienced in point-of-sale (POS) solutions for businesses, this patent will allow for another innovation which will potentially reach millions of merchants and bring Bitcoin payments to a much larger market. While there’s no word on when this option will be made available to users, Jack Dorsey’s optimistic outlook regarding Bitcoin shows promise that Square will initiate this payment network sooner rather than later.