Cryptocurrency payment network

Patent metadata

Field	Value
Publication number	US-12106271-B2
Application number	US-202318206930-A
Country	US
Kind code	B2
Filing date	Jun 7, 2023
Priority date	Jul 26, 2017
Publication date	Oct 1, 2024
Grant date	Oct 1, 2024

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 comprising:
receiving, by at least one computing system of a payment service and from a first client, a first request for payment of a payment amount associated with a transaction between the first client and a second client, wherein the first request indicates a first fiat currency and an identification of the second client;
determining, by the at least one computing system of the payment service, first user preference information associated with the first client indicating a preference for payment using a cryptocurrency;
determining, by the at least one computing system of the payment service, second user preference information associated with the second client indicating a preference for receipt of the payment amount in one of the cryptocurrency or a second fiat currency, wherein the second fiat currency is associated with a geolocation of the second client;
calculating, by the at least one computing system of the payment service, a value of the cryptocurrency equivalent to the payment amount in the first fiat currency based on a first exchange rate between the first fiat currency and the cryptocurrency;
determining, by the at least one computing system of the payment service, a second exchange rate between the cryptocurrency and the second fiat currency;
transmitting, by the at least one computing system of the payment service, a second request via a cryptocurrency network to create a transaction record for the transaction, the transaction record comprising an identifier of the transaction that is indicative of whether the transaction is complete;
initiating, by the at least one computing system of the payment service and based at least in part on the first user preference information, a first transfer of the calculated value of the cryptocurrency from a first balance maintained by the at least one computing system of the payment service to one or more service balances maintained by the payment service; and
initiating, by the at least one computing system of the payment service and based at least in part on the second user preference information, a second transfer of a value based on the payment amount and the second exchange rate from the one or more service balances to a second balance associated with the second client.

2. The method of claim 1 , wherein the transmitting of the second request via the cryptocurrency network includes transmitting the second request to a second payment service, wherein the second balance is maintained by the second payment service.

3. The method of claim 1 , wherein the initiating of the first transfer includes making a first modification to at least one distributed ledger, and wherein the initiating of the second transfer includes making a second modification to the at least one distributed ledger.

4. A method comprising:
receiving, by at least one computing system of a payment service and from a first client, a first request for payment of a payment amount associated with a transaction between the first client and a second client, wherein the first request indicates a first fiat currency and an identification of the second client;
calculating, by the at least one computing system of the payment service, a value of a cryptocurrency based on the payment amount in the first fiat currency according to a first exchange rate between the first fiat currency and the cryptocurrency;
determining, by the at least one computing system of the payment service, a second exchange rate between the cryptocurrency and a second fiat currency;
transmitting, by the at least one computing system of the payment service, a second request via a cryptocurrency network to create a transaction record for the transaction, the transaction record comprising an identifier of the transaction that is indicative of whether the transaction is complete;
initiating, by the at least one computing system of the payment service, a first transfer of the calculated value of the cryptocurrency from a first balance maintained by the payment service to at least one services balance maintained by the payment service; and
initiating, by the at least one computing system of the payment service, a second transfer of a value based on the payment amount according to the second exchange rate from the at least one service balance to a second balance associated with the second client.

5. The method of claim 4 , further comprising:
determining, by the at least one computing system of the payment service, first user preference information associated with the first client indicating a preference for payment using a cryptocurrency, wherein the initiating of the first transfer is based on the first user preference information.

6. The method of claim 4 , further comprising:
determining, by the at least one computing system of the payment service, second user preference information associated with the second client indicating a preference for receipt of the payment amount the second fiat currency, wherein the second fiat currency is associated with a geolocation of the second client.

7. The method of claim 4 , further comprising:
determining, by the at least one computing system of the payment service, second user preference information associated with the second client indicating a preference for receipt of the payment amount the cryptocurrency.

8. The method of claim 4 , wherein the transmitting of the second request via the cryptocurrency network includes transmitting the second request to a second payment service, wherein the second balance is maintained by the second payment service.

9. The method of claim 4 , wherein the initiating of the first transfer includes making a first modification to at least one distributed ledger, and wherein the initiating of the second transfer includes making a second modification to the at least one distributed ledger.

10. The method of claim 4 , wherein the calculating of the value of the cryptocurrency based on the payment amount in the first fiat currency according to the first exchange rate includes calculating the value of the cryptocurrency that is equivalent to the payment amount in the first fiat currency according to a first exchange rate.

11. The method of claim 4 , wherein the calculating of the value of the cryptocurrency based on the payment amount in the first fiat currency according to the first exchange rate includes calculating the value of the cryptocurrency that is equivalent to a sum of the payment amount and a fee in the first fiat currency according to a first exchange rate.

12. The method of claim 4 , wherein the value based on the payment amount according to the second exchange rate is equivalent to the payment amount according to the second exchange rate.

13. The method of claim 4 , wherein the value based on the payment amount according to the second exchange rate is equivalent to a sum of the payment amount and a fee according to the second exchange rate.

14. The method of claim 4 , further comprising:
receiving, by the at least one computing system of the payment service, identity information associated with the first client;
receiving, by the at least one computing system of the payment service, identity information associated with the second client; and
verifying, by the at least one computing system of the payment service, the identity information associated with the first client and the identity information associated with the second client.

15. The method of claim 4 , further comprising:
updating, by the at least one computing system of the payment service, the identifier to indicate that the transaction is complete.

Assignees

• Block Inc

Inventors

• Brock Christopher Michael
• Grassadonia Brian
• Moring Michael

Classifications

• G06Q20/36

  using electronic wallets or electronic money safes · CPC title

• G06Q20/381

  Currency conversion · 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

• G06Q20/3674

  involving authentication · CPC title