Omnibus address generation and autoconversion of cryptocurrency

Patent metadata

Field	Value
Publication number	US-11989722-B2
Application number	US-202117502419-A
Country	US
Kind code	B2
Filing date	Oct 15, 2021
Priority date	Oct 15, 2021
Publication date	May 21, 2024
Grant date	May 21, 2024

Abstract

Aspects of the disclosure relate to event processing. A computing platform may prefetch, prior to receipt of a purchase request, a plurality of pay to addresses (associated with an omnibus account, used to route funds from the omnibus account to a merchant account, and not associated with a particular merchant account when prefetched). The computing platform may receive, from a client, a request to make a purchase from a merchant, and may associate the client and the merchant with one of the prefetched pay to addresses/notify the client of the prefetched pay to address. The computing platform may monitor the prefetched pay to address for receipt of a predefined amount of cryptocurrency associated with the purchase. Upon detecting receipt of the predefined amount of cryptocurrency, the computing platform may transfer funds corresponding to the purchase from the omnibus account to an account for the merchant.

First claim

What is claimed is:

1. A method for reducing processing delays at an intermediary system between a client and a merchant, the method comprising:
at a computing platform comprising at least one processor, a communication interface, and memory:
prefetching, prior to receipt of a purchase request, a plurality of pay to addresses that are associated with an omnibus account and usable to route funds from the omnibus account to a merchant account, wherein the pay to addresses are not associated with a particular merchant account at the time they are prefetched;
receiving, from the client, a request to make a purchase for a purchase amount from the merchant using cryptocurrency;
associating the client and the merchant with one of the plurality of prefetched pay to addresses;
notifying, directly by the computing platform, the client of the one of the plurality of prefetched pay to addresses;
monitoring the one of the plurality of prefetched pay to addresses for receipt of a predefined amount of cryptocurrency associated with the purchase;
upon detecting receipt of the predefined amount of cryptocurrency, autoconverting the amount of cryptocurrency to an equivalent amount of fiat currency at substantially the same time as the cryptocurrency is received and transferring fiat currency corresponding to the purchase amount from the omnibus account to an account associated with the merchant; and,
removing, after transferring the fiat currency corresponding to the purchase amount from the omnibus account to the account associated with the merchant, the association between the client, the merchant, and the one of the plurality of prefetched pay to addresses, wherein the one of the plurality of prefetched pay to addresses is configured for use in conducting a subsequent purchase request.

2. The method of claim 1 , further comprising: enrolling the merchant in an omnibus event processing service corresponding to the omnibus account, wherein enrolling the merchant comprises identifying whether or not autoconversion should be performed for the merchant.

3. The method of claim 1 , wherein autoconverting the cryptocurrency further comprises:
trading, on behalf of the omnibus account, the predefined amount of cryptocurrency for the equivalent amount of the fiat currency, wherein trading the predefined amount of cryptocurrency for the equivalent amount of the fiat currency does not involve credentials for the account associated with the merchant; and
replenishing an amount of stored fiat currency using the equivalent amount of the fiat currency.

4. The method of claim 2 , wherein enrolling the merchant in the omnibus event processing service further comprises identifying whether or not a fee should be collected from the merchant on behalf of an enterprise organization affiliated with the computing platform.

5. The method of claim 4 , further comprising:
based on identifying that the fee should be collected from the merchant:
removing, from the predefined amount of cryptocurrency associated with the purchase and prior to transferring the funds corresponding to the purchase from the omnibus account to the account associated with the merchant, a second amount of funds, wherein:
the second amount of funds corresponds to the fee,
removing the second amount of funds from the predefined amount of cryptocurrency results in a third amount of funds, and
transferring the funds corresponding to the purchase from the omnibus account to the account associated with the merchant comprises transferring the third amount of funds.

6. The method of claim 1 , further comprising:
storing the association between the merchant, the client, and the one of the plurality of prefetched pay to addresses;
upon receiving, from the client, a request to make a second purchase from the merchant: monitoring the one of the plurality of prefetched pay to addresses for receipt of a second amount of cryptocurrency associated with the second purchase, and
upon detecting receipt of the second amount of cryptocurrency, transferring funds corresponding to the second purchase from the omnibus account to the account associated with the merchant.

7. The method of claim 1 , wherein the predefined amount of cryptocurrency comprises at least a first amount of a first cryptocurrency and a second amount of a second cryptocurrency.

8. The method of claim 1 , further comprising:
sending one or more commands to a client device directing the client device to display a purchase confirmation, wherein sending the one or more commands directing the client device to display the purchase confirmation causes the client device to display the purchase confirmation; and
sending one or more commands to a merchant device directing the merchant device to display a payment execution confirmation, wherein sending the one or more commands directing the merchant device to display the payment execution confirmation causes the merchant device to display the payment execution confirmation.

9. A system for reducing processing delays at an intermediary system between a client and a merchant, the system comprising:
at least one processor;
a communication interface communicatively coupled to the at least one processor; and
memory storing computer-readable instructions that, when executed by the at least one processor, cause the system to:
prefetch, prior to receipt of a purchase request, a plurality of pay to addresses that are associated with an omnibus account and usable to route funds from the omnibus account to a merchant account, wherein the pay to addresses are not associated with a particular merchant account at the time they are prefetched;
receive, from the client, a request to make a purchase for a purchase amount from the merchant using cryptocurrency;
associate the client and the merchant with one of the plurality of prefetched pay to addresses;
notify, directly by the system, the client of the one of the plurality of prefetched pay to addresses;
monitor the one of the plurality of prefetched pay to addresses for receipt of a predefined amount of cryptocurrency associated with the purchase;
upon detecting receipt of the predefined amount of cryptocurrency, autoconvert the amount of cryptocurrency to an equivalent amount of fiat currency at substantially the same time as the cryptocurrency is received and transfer fiat currency corresponding to the purchase amount from the omnibus account to an account associated with the merchant; and,
remove, after transferring the fiat currency corresponding to the purchase amount from the omnibus account to the account associated with the merchant, the association between the client, the merchant, and the one of the plurality of prefetched pay to addresses, wherein the one of the plurality of prefetched pay to addresses is configured for use in conducting a subsequent purchase request.

10. The system of claim 9 , wherein the memory stores additional computer-readable instructions that, when executed by the at least one processor, cause the system to:
enroll the merchant in an omnibus event processing service corresponding to the omnibus account, wherein enrolling the merchant comprises identifying whether or not autoconversion should be performed for the merchant.

11. The system of claim 9 , wherein autoconverting the cryptocurrency further comprises:
trading, on behalf of the omnibus account, the predefined amount of cryptocurrency for the equivalent amount of the fiat currency, wherein trading the predefined amount of cryptocurrency for the equivalent amount of the fiat currency does not involve credentials for the account associated with the merchant; and
replenishing an amount of stored fiat currency usin

Assignees

• Coinbase Inc

Inventors

• Kinsey Dustin
• Li Jason
• Cai Jim

Classifications

• G06Q20/381 Primary

  Currency conversion · CPC title

• G06Q20/0855

  involving a third party · CPC title

• G06Q40/02 Primary

  Banking, e.g. interest calculation or account maintenance (credit or loans G06Q40/03) · CPC title

• G06Q40/04

  Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange · CPC title

• G06Q20/0655

  e-cash managed centrally · CPC title