Square merchants can now allocate a portion of their daily sales to Bitcoin, with an on-demand payouts feature via CashApp.
Jack Dorsey’s fintech firm, Block, integrated a new feature for merchants who use Square’s solutions, allowing them to convert a percentage of their daily sales to bitcoin.
According to a TechCrunch article, between 1% and 10% of merchants’ daily sales can be collected, converted to Bitcoin by the end of the day and deposited into the user’s Cash App account. A 1% fee is paid on each conversion.
The feature rolled out in the U.S. on April 24. In the coming months, it is supposed to be available to all sole proprietors or single-member LLCs. Before the launch, the feature was tested with a small set of select merchants.
Block stated that many Square sellers are interested in Bitcoin as an instrument of economic empowerment. They quote a range of practical use cases for the crypto asset, such as long-term savings and diversifying their businesses’ holdings. Besides, Jack Dorsey’s company believes in cryptocurrency’s global purpose, which “provides a way for people around the world, including business owners, to participate in a global monetary system.”
Just a day earlier, Block announced its intent to build a full-scale Bitcoin mining solution. The firm has recently finished developing a three-nanometer Bitcoin mining chip. Today, Block is ready to move from designing chips to developing a full bitcoin mining system. This system will be built upon Block’s product and software development expertise, system engineering competency, supply chain experience, and aftermarket support capability.
Cryptocurrency mining is one of the most important aspects of blockchain technology and makes it possible for cryptocurrencies to be used as a payment method and store of value. Bitcoin mining is increasingly becoming more sustainable, promoting the global transition to renewable energy.
