tl;dr
Jack Dorsey's company, Block (formerly Square Inc.), has announced a new feature that allows businesses using Square technology to automatically convert a portion of their daily sales into Bitcoin through Block's Cash App. The feature, called Bitcoin Conversions, will enable Square users to receive ...
Square's Block, previously known as Square Inc., has introduced a new feature called Bitcoin Conversions, allowing businesses using Square technology to automatically convert a portion of their daily sales into Bitcoin through Block's Cash App. This feature enables Square users to receive between 1% to 10% of their store's revenues in Bitcoin, with a 1% fee for each conversion. This move comes as Jack Dorsey, the founder of Twitter and former CEO, focuses his efforts on Bitcoin-related products following his departure from Twitter in 2021. Block also announced the completion of a new three-nanometer chip for Bitcoin miners, aiming to support mining operations on the Bitcoin network. This initiative showcases Block's commitment to embracing Bitcoin as an instrument of economic empowerment for business owners and individuals around the world.
According to Block, the Bitcoin Conversions feature has been developed based on direct feedback from Square sellers, indicating a widespread interest in Bitcoin and its potential applications, such as long-term savings and diversification of business holdings. Additionally, the new three-nanometer chip for Bitcoin miners is positioned to empower mining operators of all types, reinforcing Block's dedication to advancing the infrastructure supporting the global Bitcoin network. As Jack Dorsey's company delves deeper into Bitcoin-related initiatives, the landscape for Bitcoin accessibility and adoption continues to evolve, offering new opportunities for businesses and individuals to engage with this global monetary system.
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