Intuit to Win Patent for BTC Payments Thru Text

Company applied for a patent back in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service
09 August 2018   648

California developer of financial software Intuit received a patent for the technology of bitcoin-transaction transmission using text messages, CoinDesk reports.

A document published by the US Patent and Trademark Office describes a virtual account system in which two users can transfer transactions using mobile phones. The company applied for a patent in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service, which allows small companies to receive money transfers in a cryptocurrency.

The invention relates to a method for processing payment. The method includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device.
 

Intuit Patent Filling

There are several ways to validate such a message. One of them requires sending a "password request associated with the user account".

The other uses a "phone call that is automatically reset by the payment service". Such a call serves as confirmation of the intent of the sender and makes it possible to make sure that "the message was not transmitted by mistake and is not spam sent by the device".

Despite the long consideration of the patent application, Intuit continues to develop its payment solutions for the cryptocurrency industry. Earlier, it entered into an agreement with Veem to improve international cryptocurrency payments.

Tim Draper to Invest in OpenNode

The project was founded in April 2018 by a group of developers of Bitcoin and Lightning Network protocol and aims to make it easier to use the Bitcoin
19 December 2018   36

The developers of cryptocurrency payment processing OpenNode announced the completion of a seed investment round, in which they attracted an unnamed amount from renowned venture capitalist Tim Draper and Draper Associates.

The project was founded in April 2018 by a group of developers of Bitcoin and Lightning Network protocol and aims to make it easier to use the first cryptocurrency.

The attracted funds team plans to focus on expanding the state, further work on the product and complete “hyper-bitcoinization”.

According to CoinDesk, Tim Draper invested $ 1.25 million in OpenNode.

As the project team says, the developed processing service may already be connected by merchants and companies wishing to accept Bitcoin as payment for their products and services. This can be done using a special plug-in or through an API.

As a payment for its services, OpenNode will take a commission of 1%; however, the service will be free for the first month of operation. The support of the Lightning Network protocol developed for instant and cheap bitcoin transactions is separately emphasized.