Block Enables Square Merchants to Convert Sales to Bitcoin
Block, the parent company of Square and Cash App, unveiled a new initiative today enabling merchants utilizing Square’s services to convert a portion of their daily sales into Bitcoin.
Rolling out initially in the U.S., the feature allows Square sellers to transfer 1-10% of their daily sales to their personal Cash App accounts, where the amount will automatically convert into Bitcoin by the day’s end. Merchants will receive confirmation of the conversion once the transaction is finalized.
This bitcoin conversion feature will gradually become available to all sole proprietors or single-member LLCs in the coming months. Block will levy a 1% fee on every conversion made by the seller. Furthermore, merchants have the flexibility to send Bitcoin to other wallets or sell them at their convenience directly from their Cash App accounts.
In a statement, Block emphasized its belief that Bitcoin serves as a tool for economic empowerment, offering individuals, including business owners, access to a global monetary system. The company highlighted that many Square sellers have expressed interest in bitcoin, viewing it as a means for long-term savings and diversification of their business assets.
When questioned about sellers’ conversion habits and average returns, Block stated that it had recently piloted the Bitcoin conversion feature with a select group of merchants and lacked definitive data on this aspect.
Block has prioritized simplifying the process of purchasing Bitcoin across its platforms. For instance, the company integrated its self-custodial wallet Bitkey with Cash App and Coinbase, facilitating seamless Bitcoin trading for users.
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