Jack Dorsey's Square Wins Patent for Fiat-to-Crypto Payments Network

Jack Dorsey speaks at Consensus 2018, image via CoinDesk archives.

Payments provider Square has won a U.S. patent for a new network that enables seamless crypto-to-fiat transactions.

Granted Tuesday by the U.S. Patent and Trademark Office, the patent details a payments system allowing users holding different asset types to transact with one another in real-time.

The network itself can automatically exchange the sender's payment into the asset specified by the receiver.

Many cryptocurrencies are too volatile and too slow to become an effective payments solution.

Few merchants can feasibly accept a payments method that takes hours to process when the value may swing wildly.

Square thinks it can "Remove barriers" with a system that features automatic exchange and real-time settlements.

The patent suggests the system could be extended to add support for other asset classes including securities, derivatives or loans.

Square integrated bitcoin in 2018 and Dorsey has said multiple times he believes BTC could become the "Native currency" for the internet.

Square has generally been reticent on other cryptocurrencies.