Key Takeaways:
- Square’s Integration with Cash App: Square introduces a new feature allowing U.S. merchants to convert 1%-10% of their daily sales into Bitcoin directly through Cash App, with a 1% conversion fee.
- Focus on Economic Empowerment: Square, under its parent company Block, views Bitcoin as a tool for economic empowerment, aiming to involve more business owners in the global monetary system through innovative solutions like daily sales conversion.
- Expansion into Bitcoin Mining: Alongside merchant services, Block is advancing its Bitcoin strategy by developing a three-nanometer chip for mining, enhancing the efficiency of Bitcoin mining operations as part of a broader effort to expand Cash App’s financial services.
Square’s new initiative allows merchants to convert a portion of their daily sales into Bitcoin, offering a seamless integration with Cash App for on-demand payouts.
This feature is currently available to qualified merchants across the U.S., who can convert between 1% and 10% of their daily sales into Bitcoin.
JUST IN: Jack Dorsey's Block now allows millions of sellers using Square to automatically convert up to 10% of daily sales into #Bitcoin using Cash App 🚀 pic.twitter.com/14EEZkiyof
— Bitcoin Magazine (@BitcoinMagazine) April 24, 2024
The conversion process collects fiat funds throughout the day, converting them to Bitcoin at day’s end and depositing the funds into the user’s Cash App account. A 1% fee is charged for each conversion.
In a recent statement, Square highlighted the potential benefits for small businesses and individual proprietors, stating, “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.”
JUST IN: Starting today, Square is rolling a new feature allowing retailers to automatically convert 1-10% of their credit card sales into #Bitcoin via Cash App 👀🙌
— Bitcoin News (@BitcoinNewsCom) April 24, 2024
pic.twitter.com/XxyFK1egvq
The announcement came shortly after Block declared its intention to develop a comprehensive Bitcoin mining solution.
Following this announcement, Block revealed the completion of a proprietary three-nanometer chip aimed at optimizing Bitcoin mining efficiency.
Jack Dorsey, commenting on the development, shared on the X social media platform, “We’re building a mining rig.“
we’re building a mining rig https://t.co/IKOQHNSHgO
— jack (@jack) April 23, 2024
Block’s recent activities underscore its successful foray into the Bitcoin sector, particularly noting Cash App’s significant increase in Bitcoin gross profits, which surged 90% year-over-year in the fourth quarter of 2023 to reach $66 million.
This move is part of a broader strategy by Dorsey to position Cash App as a leading provider of banking services for U.S. households with annual earnings of up to $150,000.
About The Author
Fleming Airunugba, a seasoned Web3 and crypto content expert, leverages his deep understanding of blockchain technology to bring the latest and most impactful news to the crypto community.
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