Square with about 2 million merchants has now secured a patent that will allow its merchants to accept payments in currency as well as digital assets. With a Bitcoin favorable CEO, Jack Dorsey Square will bring adoption and traction to the crypto market.
Square secures patent to allow merchants accept crypto
Square has a deep connection with Bitcoin that keeps on growing. Now, it is becoming even stronger as Square secure a patent for crypto payment network. Back in September 2017, the patent was filed and has been now approved that will allow the merchants to accept any currency as well as cryptocurrencies.
The abstract of the patent reads in part:
“Present technology supports payments 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.”
Addressing the growing popularity of cryptocurrencies like Bitcoin, Ethereum (ether), Litecoin among others in the recent times, it further states that crypto payments will also be processed at the same speed as traditional transactions like credit card payments.
Square CEO Jack Dorsey bullish on bitcoin
Square basically helps businesses across different industries and of various sizes with credit card processing.
Back in January, this year its Cash app opened the buy and sell the option for Bitcoin as the founder and CEO of Square, Jack Dorsey said in part,
“We support Bitcoin because we see it as a long-term path towards greater financial access for all.”
Dorsey has always been Bitcoin favorable as in May, he shared:
“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not…I hope it will be.”
Another interesting incident is of March when Bitcoin among other cryptocurrencies took a drop but Square stocks rose 4%. The jump came as a survey revealed majority i.e. 60% of the Square merchants are willing to accept payments in Bitcoin, despite its volatility.
Square Bitcoin connection going deeper
For the second quarter of 2018, Square announced the earnings of $37 million. Its performance report further divulges that Bitcoin trading revenue of the company is on a constant rise.
Though from earnings’ perspective, the growth is of slow momentum, crypto does offers other benefits. For one, by outpacing Venmo from PayPal, Square Cash app has now become one of the most popular financial mobile applications in the US.
Second, if we take a look at the share prices of the company, it has only been on a rise In the last 12 months, over 200 percent growth can be seen.
Square stock price 1 year chart
As shared by Kevin Rooke on Twitter, with such a huge merchant base and now securing crypto payment system patent, crypto adoption and the market have big things coming up.
2 million merchants
A CEO who loves Bitcoin
and a patent for a cryptocurrency payment network
I’ll let you connect the dots here pic.twitter.com/B43ufpf3ir
— Kevin Rooke (@kerooke) August 29, 2018
In the near future, we might be seeing a lot more adoption and traction in the crypto market. What do you think?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com