Square Crypto, the payments company led by Jack Dorsey, founder and CEO of Twitter, has today been granted a patent that allows them to build technology regarding crypto-to-fiat conversions. That said, it’s very likely that the group will only focus on Bitcoin, considering the fact that Dorsey is a big fan of the primary cryptocurrency on the market.
The patent mostly goes over how blockchain technology is an incredibly useful system and that Bitcoin is more than a fad. From there, it states that there are problems in terms of accessibility, especially when you think about business application and where those groups are struggling to adopt it. Square’s new innovation would likely help solve that.
“Presently, cryptocurrencies, like bitcoin, are not accepted by most retail merchants, or even by most online merchants. The lack of mass adoption of cryptocurrencies thus far may be attributed to a number of different factors. For one, cryptocurrencies are known to be associated with long transaction times. There is lots of research and development attempting to increase the speed of such transactions, but only with small improvements to date to such an extent that the processing time remains impractically large,” the patent reads.
It also notes the fact that some blockchain transactions, especially on the Bitcoin blockchain, can take possibly hours to finish depending on network congestion. This is where the Lightning Network comes into play, which is likely what Square will help push, considering that the company just started work on a Lightning Network development kit.