According to Cointelegraph, blockchain company HUMBL announced that the United States Patent and Trademark Office (USPTO) has officially granted its blockchain technology patent. The patent was issued on October 15 and is titled "System and method for transferring currency using blockchain."

HUMBL’s newly patented technology is a blockchain-based currency trading system designed to serve as a digital-to-fiat bridge, allowing transactions between any two wallets around the world without the need for intermediaries.

According to HUMBL, patent approval takes more than four years. The average time from patent application to final approval or rejection is 26.2 months, according to the USPTO website.

While waiting, HUMBL became the official digital asset service provider for the city of Santa Cruz, California. HUMBL CEO Brian Foote said the lengthy approval process was a challenge for startups.