US 2026/0179085 A1 · METHOD OF EXECUTING CONVENTIONAL PURCHASE TRANSACTIONS USING CRYPTOCURRENCY

Abstract

A method of using cryptocurrency to transact fiat currency purchases using conventional POS apparatus includes funding by a user of a cryptocurrency account that requires withdrawal transactions to be signed by both the user and a payment platform. Upon purchase initiation, a platform-issued authorization number is entered into a merchant's POS apparatus and transmitted to the platform. Upon verification of sufficient cryptocurrency, the platform transmits payment information to the user, and upon approval thereof by the user, the user transmits a user-signed cryptocurrency transaction to the platform, and the platform remits fiat currency to the merchant. As purchases continue during an aggregation period, each user-signed transaction is sufficient to fund the aggregated purchases. Upon termination of the aggregation period, the most recent user-signed transaction is executed to withdraw cryptocurrency from the user's account. The user can display the authorization number on a mobile device for scanning by the POS apparatus.

Claims15

Dependent claims

1-25. (canceled)

A method of using cryptocurrency to complete a fiat currency purchase from a merchant, the method comprising:

receiving, by a payment platform, cryptocurrency deposited by a user into a smart contract that requires a blockchain transaction co-signed by both the user and the payment platform for withdrawal of cryptocurrency;
issuing, by the payment platform, a fiat-compatible payment identifier to the user for presentation at a merchant point-of-sale system;
upon receiving a fiat currency payment request from the merchant point-of-sale system, transmitting transaction details to a mobile device associated with the user;
receiving, by the payment platform, a cryptographically signed authorization from the mobile device associated with the user approving the blockchain transaction;
co-signing, by the payment platform, the blockchain transaction only after receipt of the user-signed authorization;
submitting the co-signed blockchain transaction to a blockchain associated with the smart contract to enable withdrawal of cryptocurrency from the smart contract;
and
converting the withdrawn cryptocurrency into fiat currency for transmission to the merchant,
wherein the smart contract further comprises a timeout condition permitting the user to independently withdraw cryptocurrency from the smart contract without the platform's signature if a co-signature is not submitted within a predefined time period.

6 more elements

A system comprising a payment platform connected with a mobile device associated with a user, the payment platform being configured to perform a method of using cryptocurrency to complete a fiat currency purchase from a merchant, comprising:

receiving, by a payment platform, cryptocurrency deposited by a user into a smart contract that requires a blockchain transaction co-signed by both the user and the payment platform for withdrawal of cryptocurrency;
issuing, by the payment platform, a fiat-compatible payment identifier to the user for presentation at a merchant point-of-sale system;
upon receiving a fiat currency payment request from the merchant point-of-sale system, transmitting transaction details to a mobile device associated with the user;
receiving, by the payment platform, a cryptographically signed authorization from the mobile device associated with the user approving the blockchain transaction;
co-signing, by the payment platform, the blockchain transaction only after receipt of the user-signed authorization;
submitting the co-signed blockchain transaction to a blockchain associated with the smart contract to enable withdrawal of cryptocurrency from the smart contract;
and
converting the withdrawn cryptocurrency into fiat currency for transmission to the merchant,
wherein the smart contract further comprises a timeout condition permitting the user to independently withdraw cryptocurrency from the smart contract without the platform's signature if a co-signature is not submitted within a predefined time period.

6 more elements

Dependencies are inferred from the claim text.

Facts

Application

18/987,600Filed 19 Dec 2024

Published

25 Jun 2026

Term ends

Not estimatedThe source records don’t support an estimate.

Classification24 codes

G06Q 20/381
Payment protocols; Details thereof: currency conversion
G06Q 20/02
Payment architectures, schemes or protocols: involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
G06Q 20/027
Involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]: involving a payment switch or gateway
G06Q 20/065
Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme: using e-cash

Method of executing conventional purchase transactions using cryptocurrency

Life of this patent

Method of executing conventional purchase transactions using cryptocurrency

Life of this patent

Abstract

Claims15