Cryptocurrency payment network

• US 10,540,639 B2
• Filed: 09/14/2018
• Issued: 01/21/2020
• Est. Priority Date: 07/26/2017
• Status: Active Grant

• Current Assignee: Block, Inc. (f/k/a Square, Inc.)
• Original Assignee: Block, Inc. (f/k/a Square, Inc.)
• Inventors: Brock, Christopher Michael, Grassadonia, Brian, Moring, Michael
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US16/132,160
• Publication Number:
  US 20190034889A1
• Time in Patent Office: 494 Days
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/4012 Verifying personal identification numbers [PIN]

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.

Claims

1. 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. The method of claim 1, wherein the identifying the indication that the first user intends to satisfy the request for payment using a cryptocurrency comprises:

sending, to a computing device associated with the first user, information to display the request for payment with different payment options, wherein the payment options include a fiat currency payment option and a cryptocurrency payment option; and

receiving, from the computing device associated with the first user, input selecting the cryptocurrency payment option.

3. The method of claim 2, wherein the information to display the request for payment with different payment options includes information specifying an exchange rate between the cryptocurrency and the fiat currency.

4. The method of claim 3, wherein the first user has multiple payment accounts with the payment service, each of the payment accounts being associated with a different currency, and wherein the identifying the indication that the first user intends to satisfy the request for payment using a cryptocurrency comprises:

determining exchange rates between each of the different currencies and the fiat currency, wherein the determined exchange rates comprise the exchange rate between the cryptocurrency and the fiat currency;

determining that the exchange rate between the cryptocurrency and the fiat currency is most favorable for the first user.

5. The method of claim 1, wherein the identifying the indication that the first user intends to satisfy the request for payment using a cryptocurrency comprises:

receiving information regarding a payment card linked to the first balance, wherein the payment card is registered with the payment service; and

retrieving, based on the information regarding the payment card, preference information of the first user.

6. The method of claim 5, wherein the payment card is linked to multiple payment accounts of the first user, and wherein the preference information of the first user is stored in a profile for the first user.

7. The method of claim 1, wherein the initiating a first transfer of a value corresponding to the payment account in the cryptocurrency from a first balance of the first user to one or more service balances of the payment service comprises:

debiting the value in the cryptocurrency from the first balance; and

crediting the value in the cryptocurrency to one or more of the service balances.

8. The method of claim 1, wherein the first balance is associated with a third-party cryptocurrency wallet owned by the first user, and wherein the initiating a first transfer of a value corresponding to the payment account in the cryptocurrency from a first balance of the first user to one or more service balances of the payment service comprises:

initiating a transfer of the value in the cryptocurrency from the third-party cryptocurrency wallet to a cryptocurrency wallet of the payment service by recording the transfer on a blockchain associated with the cryptocurrency.

9. The method of claim 8, wherein the second transfer of the value in the fiat currency from the one or more service balances of the payment service to the second balance of the second user is only initiated after the transfer has been recorded on the blockchain.

10. The method of claim 1, wherein the request for payment comprises:

a first identifier corresponding to the first user; and

a second identifier corresponding to the second user.

11. The method of claim 10, further comprising:

sending, to a computing device associated with the second user, a report associated with the transaction, wherein the report specifies the first identifier and an amount paid as the value in the fiat currency without disclosing that the payment was made in the cryptocurrency.

12. 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.

13. The method of claim 12, wherein the identifying the indication that the first user intends to satisfy the request for payment using the fiat currency comprises:

sending, to a computing device associated with the first user, information to display the request for payment with different payment options, wherein the payment options include a fiat currency payment option and a cryptocurrency payment option; and

receiving, from the computing device associated with the first user, input selecting the fiat currency payment option.

14. The method of claim 13, wherein the information to display the request for payment with different payment options includes information specifying an exchange rate between the cryptocurrency and the fiat currency.

15. The method of claim 12, wherein the initiating a second transfer of a value corresponding to the payment account in the cryptocurrency from the one or more service balances of the payment service to a second balance of the second user comprises:

debiting the value in the cryptocurrency from one or more of the service balances; and

crediting the value in the cryptocurrency to the second balance.

16. The method of claim 12, wherein the second balance is associated with a third-party cryptocurrency wallet owned by the second user, and wherein initiating a second transfer of a value corresponding to the payment account in the cryptocurrency from the one or more service balances of the payment service to a second balance of the second user comprises:

initiating a transfer of the value in the cryptocurrency from a cryptocurrency wallet of the payment service to the third-party cryptocurrency wallet by recording the transfer on a blockchain associated with the cryptocurrency.

17. The method of claim 12, wherein the request for payment comprises:

a first identifier corresponding to the first user; and

a second identifier corresponding to the second user.

18. The method of claim 17, further comprising:

sending, to a computing device associated with the first user, a report associated with the transaction, wherein the report specifies the second identifier and an amount paid as the value in the fiat currency without disclosing that the payment was made in the cryptocurrency.