Finance
What to know:
- Square’s new tools permit humble merchants to receive bitcoin as payment, and-ha!-for the first year, without any processing fees.
- Merchants may convert a portion of their daily card receipts into bitcoin by automatic enchantment, and rule it all from Square’s dashboard.
- Block aims to render bitcoin as familiar coinage, entwining it with tools used by shoppers and shopkeepers alike.
Square, the payments arm of Block (XYZ), unveils a merry troupe of tools designed to make bitcoin as easy to handle as a ready-to-wear cloak, letting sellers accept crypto and mind their assets beside traditional ledgers. 🧵💳
The offering, called Square Bitcoin, presents three principal acts: bitcoin payments, automatic bitcoin conversions from card sales, and a native bitcoin wallet nestled within Square’s seller platform. Sellers will be able to accept bitcoin with no processing fees for the first year and may convert up to 50% of their daily sales into bitcoin automatically. The tools are available to eligible U.S. businesses, with bitcoin payments set to roll out on November 10. 🗓️🪙
The moment sits within a broader trend. Crypto payments in the U.S. are projected to grow 82% between 2024 and 2026, according to the release. Yet access to bitcoin has hitherto favored investors or tech-savvy wizards. Square’s maneuver seeks to bring Main Street into the playhouse. 🎭
In practice, the tools could let a local coffee shop take a bitcoin payment from a customer’s phone wallet, automatically convert half of the day’s sales, and view all finances in the same dashboard used for inventory and payroll. Square reports that 142 bitcoin have already been harvested through early use of the conversion feature, piloted in 2024. ☕🪙
By folding bitcoin into its existing payments and banking realm, Square-Block’s subsidiary-is lowering the barrier for small enterprises to join the crypto economy. It continues Block’s long-running devotion to bitcoin, spanning retail tools like Cash App and hardware ventures like Bitkey wallet and Proto mining products. 🏛️
Miles Suter, head of bitcoin product at Block, says the tools are designed to help sellers “never miss a sale” while granting access to financial instruments long out of reach. “We’re making bitcoin payments as seamless as card payments,” he proclaimed. 🔄💳
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2025-10-08 23:20