Square patent application for payment service including crypto has been approved

Square has been given approval for its patent application for a new payment network that would welcome cryptocurrencies.

The application to the US Patent and Trademark Office details a payment service that would be “capable of accepting a greater diversity of currencies… including virtual currencies including cryptocurrencies (bitcoin, ether, etc.).

It also says that the system would be able to process crypto payments at the same speed as traditional payments, recording transactions in real time.

“The present technology provides a payment service for providing financial transactions between a cusstomer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency,” it reads.

“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 has appeared to embrace cyptocurrencies in a big way, despite its initial apprehension. Speaking at a conference earlier this year, CEO Jack Dorsey said that the decision to allow buying and selling of Bitcoin through the firm’s mobile app was a “pretty contentious more within the company.”

He added: “We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology. There is still a lot of skepticism, and still a lot of debate and disagreements and fights, but that is where the magic happens.”