Square to Win Fast Crypto Payments Patent

The essence of the new system lies in the fact that a private blockchain records transactions in real time
30 August 2018   1336

The payment solutions provider Square patented the blockchain technology, which allows for instant transactions with cryptocurrency.

The company has already received approval from the US Patent and Trademark Office (USPTO). For the first time Square introduced the technology back in September 2017.

The essence of the new system lies in the fact that a private blockchain records transactions in real time. This, in turn, allows to carry out crypto-currency transactions with the same speed as electronic payments.

The date of implementation of the blockchain solution for mass use is still unknown.

Note, in June Square received BitLicense - a license that allows you to work with virtual currencies in the state of New York.

In August Square published a report according to which in the second quarter of 2018 the company's revenues from bitcoin sales amounted to $ 37 million.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   232

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.