Square wins patent for crypto payment network
Digital payments firm Square has won a patent for a payment network that allows merchants to accept payments in Bitcoin. The system allows merchants to accept cryptocurrencies alongside conventional payment methods and cash out in their currency of choice. Square may eventually add cryptocurrency payments to its present POS system which would allow millions of merchants to accept Bitcoin without having to onboard to another payment processor or manually convert cryptocurrency funds into fiat.
Notably, the patent also details a process that allows the POS system eliminate latency in cryptocurrency transactions. The payment service will accomplish this by maintaining a private blockchain that records transactions from Square-managed wallets in real-time, this does not completely eliminate the risk of double spend attacks, but it transfers that risk from the merchant to the payment service. The patent itself includes reference drawings that appear to show Bitcoin payments being executed through Square’s peer-to-peer Cash App.
Hong Kong creates visa option for blockchain job seekers
Hong Kong now makes it easier for blockchain experts to secure a visa. The Hong Kong government released a talent list on Tuesday that covers a range of 11 professions that are now eligible to receive bonus marks. The visa scheme allows successful applicants to enter and settle into the special Chinese administrative region without having to first secure a job offer from a local employer.
“The Scheme is a quota-based entrance scheme. It seeks to attract highly skilled or talented persons to settle in Hong Kong in order to enhance Hong Kong’s economic competitiveness,” according to the program’s description. To qualify, blockchain professionals need to hold at least a bachelor degree, have experience with notable firms in the field, and know how to apply blockchain in financial services.
Kraken Daily Market Report for 28.08.2018
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