US 10,540,639 B2Granted

Cryptocurrency payment network

AssigneeSquare, Inc.

InventorsChristopher Michael Brock, Brian Grassadonia, Michael Moring

Life of this patent

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Abstract

In one embodiment, a method includes receiving a request for payment associated with a transaction between a first user and a second user, where the request specifies a payment amount in a fiat currency and identifying an indication that the first user intends to satisfy the request for payment using a non-fiat instrument. The method also includes initiating a first transfer of a value corresponding to the payment amount in the non-fiat instrument from a first balance of the first user to one or more service balances of a payment service and initiating a second transfer of a value corresponding to the payment amount in the fiat currency from the one or more service balances of the payment service to a second balance of the second user.

Claims18

Dependent claims

A method of settling a transaction, comprising:

receiving, by a payment service, a request for payment associated with the transaction between a first user and a second user, wherein the request specifies a payment amount in a fiat currency;
identifying, by the payment service, an indication that the first user intends to satisfy the request for payment using a cryptocurrency;
initiating, by the payment service, a first transfer of a value corresponding to the payment amount in the cryptocurrency from a first balance of the first user to one or more service balances of the payment service, wherein the first balance is stored in one or more data structures maintained by the payment service;
and
initiating, by the payment service, a second transfer of a value corresponding to the payment amount in the fiat currency from the one or more service balances of the payment service to a second balance of the second user, wherein the second balance is stored in the one or more data structures maintained by the payment service.

2 more elements

A method of settling a transaction, comprising:

receiving, by a payment service, a request for payment associated with the transaction between a first user and a second user, wherein the request specifies a payment amount in a fiat currency;
identifying, by the payment service, an indication that the first user intends to satisfy the request for payment using the fiat currency and the second user intends to receive the payment in a cryptocurrency;
initiating, by the payment service, a first transfer of a value corresponding to the payment amount in the fiat currency from a first balance of the first user to one or more service balances of the payment service, wherein the first balance is stored in one or more data structures maintained by the payment service;
and
initiating, by the payment service, a second transfer of a value corresponding to the payment amount in the cryptocurrency from the one or more service balances of the payment service to a second balance of the second user, wherein the second balance is stored in the one or more data structures maintained by the payment service.

2 more elements

Dependencies are inferred from the claim text.

Facts

Application: 16/132,160Filed 14 Sep 2018 · continuation
Priority: 26 Jul 2017
Published: US 2019/0034889 A131 Jan 2019
Granted: 21 Jan 2020
Term ends: Not estimatedThe source records don’t support an estimate.

Classification8 codes

G06Q 20/065
Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme: using e-cash
G06Q 20/06
Payment circuits: private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
G06Q 20/20
Payment architectures: point-of-sale [POS] network systems
G06Q 20/36
Characterised by the use of specific devices or networks: using electronic wallets or electronic money safes

Family

Application62/537,395Us provisional application · filed 26 Jul 2017
Application15/713,322Parent of this continuation · filed 22 Sep 2017
Application16/011,556Parent of this continuation · filed 18 Jun 2018
US 10,055,715 B1Parent of this continuation · filed 21 Aug 2018
US 2019/0034889 A1Pre-grant publication · published 31 Jan 2019
US 10,163,079 B1Related patent
US 10,373,130 B2Related patent
US 10,540,639 B2This patent

From the US filing history. Foreign family members aren’t listed.