Square, a subsidiary of Jack Dorsey’s fintech firm Block, has introduced a new feature allowing merchants to allocate a portion of their daily sales to Bitcoin, which can be managed through Cash App.
This new service targets U.S. merchants, permitting them to convert between 1% and 10% of their daily sales into Bitcoin at the end of each day. A conversion fee of 1% is charged for each transaction.
Empowering Merchants with Bitcoin
Square’s initiative is designed to empower small business owners and individual proprietors by enabling them to participate in the global financial economy through Bitcoin. According to Square:
“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. According to 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 their businesses’ holdings.”
Expansion into Bitcoin Services
The feature was announced shortly after Block revealed plans to develop a comprehensive Bitcoin mining solution, underscoring the company’s deepening engagement with the cryptocurrency ecosystem.
This move is supported by the recent completion of a proprietary three-nanometer chip designed specifically for Bitcoin mining. Jack Dorsey highlighted this development on the X social media platform, stating: “We’re building a mining rig.”
This expansion into Bitcoin services is part of Block’s strategic direction to integrate more cryptocurrency options and services, which aligns with Jack Dorsey’s vision for Cash App.
He aims for Cash App to “become one of the top providers of banking services to households in the United States which earn up to $150,000 per year.”
The introduction of Bitcoin transaction features for Square merchants reflects this vision by merging traditional business operations with the innovative potential of cryptocurrencies.
