Block Introduces Bitcoin Conversion Feature for Square Merchants
In a groundbreaking move, Block, the parent company of Square, Cash App, and other financial services, has launched a new program that allows merchants using Square’s solutions to convert a portion of their daily sales into bitcoin. This feature, which is currently being rolled out in the United States, aims to provide business owners with an opportunity to participate in the global monetary system and diversify their holdings.
How the Bitcoin Conversion Feature Works
Square sellers can now opt to transfer 1-10% of their daily sales to their personal Cash App account, which will then be converted into bitcoin at the end of each day. Upon completion of the transaction, merchants will receive a confirmation of the conversion. Block charges a 1% fee for each conversion made by the seller, and merchants have the flexibility to send their bitcoin to other wallets or sell them at any time from their Cash App account.
Empowering Merchants with Economic Opportunities
“Block believes that bitcoin is an instrument of economic empowerment and provides a way for people around the world, including business owners, to participate in a global monetary system,” the company said in a statement.
According to feedback from Square sellers, many are interested in bitcoin and see it as a means for long-term savings and diversifying their businesses’ holdings. By introducing this feature, Block aims to make it easier for merchants to access and benefit from the potential of bitcoin.
Expanding Access to Bitcoin Across Platforms
Block has been working to simplify the process of buying and trading bitcoin across its various platforms. For example, the company recently integrated its self-custodial wallet, Bitkey, with Cash App and Coinbase, allowing holders to trade bitcoin with ease.
As the bitcoin conversion feature becomes available to all sole proprietors and single-member LLCs in the coming months, Block continues to gather data on sellers’ conversion patterns and average returns. This information will help the company refine and improve the feature to better serve its users.
5 Comments
Block’s setting the stage for a Bitcoin revolution among Square sellers, huh? Talk about shaking up the payment world!
Square merchants riding the Bitcoin wave with Block? Surf’s up in the financial world!
Block’s new feature is a game changer for Square merchants eager to dive into Bitcoin!
Block’s move? Bold and spicy, making crypto the new normal for Square hustlers!
Square’s leap into Bitcoin feels like the future just knocked on the door; who’s in?