Payment network for security assets

US10817853B1 · kind B1 · utility

Assignee

• INC SQUARE, CO., LTD · JP

Inventors

• Christopher Michael Brock · Berkeley, US
• Brian Grassadonia · San Francisco, US
• Michael Moring · San Francisco, US

Key dates

• Filing date: Sep 28, 2018
• Grant date: Oct 27, 2020
• Expiry date: Sep 28, 2038

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/4012
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

In one embodiment, a method includes receiving a request for payment associated with a transaction between a merchant and a customer, where a payment amount is specified in a fiat currency, determining a preference of the customer to pay for the transaction using a security asset, and verifying that a value of the security asset held by the payment system and assigned to the customer is sufficient to satisfy the payment amount. The method also includes initiating a transfer of at least a portion of the value of the security asset from a customer balance of the customer to a service balance of the payment service, initiating a transfer of a value in the fiat currency from the service balance of the payment service to a merchant balance of the merchant, and storing a record of the transaction between the customer and the merchant.