Square received a patent for a cryptocurrency payment system

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The new technology will allow to process any transactions with digital money at the same rate as traditional

American payment system Square has received a patent for a new payment system using cryptocurrencies. Patent and trademark United States has approved the application, which the company filed back in September of last year, according to Bitcoinist.

“The technology — the answer to the need for payment services, which can work with a wide variety of currencies, including cryptocurrencies,” says the application Square.

The authors noted that the new system improves cryptocurrency transaction using their advantages and offsetting disadvantages, such as delays due to processing. Such payments will be processed with the same speed as traditional, this is possible thanks to the private block chain that records transactions in real-time.

In June, Square received a new York license Regulations. The user base of the app increases, in spite of its low profits. The founder of the system, and the head of Twitter, Jack Dorsey has repeatedly spoke positively about bitcoin and digital money in General.

More news on cryptocurrency can be found in our telegram channel RBC-Crypto.

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