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?
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?