Cryptocurrency payment network

Patent metadata

Field	Value
Publication number	US-11710108-B2
Application number	US-201916686053-A
Country	US
Kind code	B2
Filing date	Nov 15, 2019
Priority date	Jul 26, 2017
Publication date	Jul 25, 2023
Grant date	Jul 25, 2023

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.

First claim

What is claimed is:

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 is associated with a payment amount in a fiat currency, wherein the payment service maintains balances of a plurality of fiat currencies including the fiat currency and a plurality of non-fiat currencies owned by each of the payment service, the first user, and the second user in one or more data structures maintained by the payment service, and wherein the first user has a plurality of payment accounts with the payment service, with at least one of the plurality of payment accounts being associated with the fiat currency and at least one of the plurality of payment accounts being associated with a non-fiat currency of the plurality of non-fiat currencies;
identifying, by the payment service, an indication that the first user intends to satisfy the request for payment using the non-fiat currency based on:
determining, by the payment service, user preference information for at least one of the first user or the second user, wherein the user preference information indicates a preference for payment using the non-fiat currency;
determining, by the payment service, exchange rates between each of the plurality of fiat currencies and the fiat currency and each of the plurality of non-fiat currencies and the fiat currency; and
determining, by the payment service, that the exchange rate between the non-fiat currency and the fiat currency is most favorable for the first user;

calculating, by the payment service, a value of the non-fiat currency equivalent to the payment amount in the fiat currency based on the exchange rate between the fiat currency and the non-fiat currency;
initiating, by the payment service and based at least in part on the user preference information, a first transfer of the calculated value of the non-fiat currency from a first balance, maintained by the payment service and holding the non-fiat currency for the first user, to one or more service balances of the payment service;
initiating, by the payment service, a second transfer of a value corresponding to the specified payment amount in the fiat currency from the one or more service balances to a second balance maintained by the payment service and holding the fiat currency for the second user; and
updating, by the payment service, and based on the first transfer and the second transfer, one or more ledgers corresponding to the first balance, the one or more service balances, and the second balance to settle the transaction between the first user and the second user.

2. The method of claim 1 , wherein the non-fiat currency comprises:
stocks;
bonds;
cryptocurrency; or
stock options.

3. The method of claim 1 , further comprising:
sending, to a computing device associated with the first user, information to display a prompt to confirm that the first user intends to satisfy the request for payment using the non-fiat currency; and
receiving, from the computing device associated with the first user, input affirming the non-fiat currency.

4. The method of claim 3 , wherein the information to display the prompt includes information specifying a value of one or more payment options for at least the non-fiat currency.

5. The method of claim 3 , wherein the prompt further comprises information to display one or more non-fiat currency payment options, and wherein the input affirming the non-fiat currency comprises a selection of one of the one or more non-fiat currency payment options, wherein the non-fiat currency corresponds to the selected one of the one or more non-fiat currency payment options.

6. The method of claim 1 , further comprising:
receiving, by the payment service, information regarding a payment card associated with the first balance, wherein the payment card is registered with the payment service; and
determining, by the payment service, the user preference information for the first user based at least in part on the information regarding the payment card.

7. The method of claim 1 , wherein the user preference information of the first user or the second user is stored in a respective profile for the first user or the second user.

8. The method of claim 1 , wherein initiating the first transfer of the calculated value of the non-fiat currency comprises:
debiting the calculated value from the first balance; and
crediting the calculated value to the one or more service balances.

9. 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.

10. The method of claim 9 , 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 non-fiat currency.

11. One or more computer-readable non-transitory storage media comprising instructions for settling a transaction that, when executed by one or more processors of an electronic device associated with a payment service, cause the one or more processors to:
receive a request for payment associated with the transaction between a first user and a second user, wherein the request is associated with a payment amount in a fiat currency, wherein the payment service maintains balances of a plurality of fiat currencies including the fiat currency and a plurality of non-fiat currencies owned by each of the payment service, the first user, and the second user in one or more data structures maintained by the payment service, and wherein the first user has a plurality of payment accounts with the payment service, with at least one of the plurality of payment accounts being associated with the fiat currency and at least one of the plurality of payment accounts being associated with a non-fiat currency of the plurality of non-fiat currencies;
identify an indication that the first user intends to satisfy the request for payment using the non-fiat currency based on:
determining user preference information for at least one of the first user or the second user, wherein the user preference information indicates a preference for payment using the non-fiat currency;
determining exchange rates between each of the plurality of fiat currencies and the fiat currency and each of the plurality of non-fiat currencies and the fiat currency; and
determining that the exchange rate between the non-fiat currency and the fiat currency is most favorable for the first user;

calculate a value of the non-fiat currency equivalent to the payment amount in the fiat currency based on the exchange rate between the fiat currency and the non-fiat currency;
initiate, based at least in part on the user preference information, a first transfer of the calculated value of the non-fiat currency from a first balance, maintained by the payment service and holding the non-fiat currency for the first user, to one or more service balances of the payment service;
initiate a second transfer of a value corresponding to the specified payment amount in the fiat currency from the one or more service balances to a second balance maintained by the payment service and holding the fiat currency for the second user; and
update, based on the first transfer and the second transfer, one or more ledgers corresponding to the first balance, the one or more service balances, and the second balance to settle the transaction between the first user and the second user.

Assignees

• Block Inc

Inventors

• Brock Christopher Michael
• Grassadonia Brian
• Moring Michael

Classifications

• G06Q20/065 Primary

  using e-cash · CPC title

• G06Q20/06

  Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme · CPC title

• G06Q20/20

  Point-of-sale [POS] network systems · CPC title

• G06Q20/36

  using electronic wallets or electronic money safes · CPC title

• G06Q20/3674

  involving authentication · CPC title