Bitcoin
Block allows Square merchants to convert part of their daily sales into bitcoin
Image credits: Block
Blockthe company behind Square, Cash App and other services, today announced a new program that allows merchants using Square solutions to convert a percentage of their daily sales into bitcoin.
The feature, launching in the US starting today, will transfer 1-10% of Square sellers’ daily sales to their personal Cash App account. This amount will be converted into bitcoin at the end of the day. Merchants will receive a conversion confirmation when the transaction is complete.
Block said the bitcoin conversion feature will be available to all sole proprietors or single-member LLCs in the coming months. The company receives a 1% reduction on each conversion made by the seller. Merchants can send bitcoins to other wallets or sell them at any time from their Cash App account.
“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.
“Based on direct feedback from Square sellers, many are interested in bitcoin and believe it presents a wide range of use cases, such as long-term savings and diversifying holdings in their businesses.”
When we asked Block about sellers’ conversion patterns and average returns, the company said it had just tested the bitcoin conversion feature with a small group of merchants and did not have definitive data.
Block tried to make it easier for users to purchase bitcoins on its platforms. For example, the company integrated your self-custodial Bitkey wallet with Cash App and Coinbase to allow holders to trade bitcoin easily.