Block ecosystems Square and Cash App have initiated the introduction of a new feature enabling eligible Square merchants to automatically convert a portion of their daily sales to bitcoin using Cash App.
The implementation of the Bitcoin Conversions feature commenced on Wednesday (April 24), as communicated by Block in an email to PYMNTS.
Stating that bitcoin serves as a tool for economic empowerment, Block emphasized its role in allowing individuals globally, including business proprietors, to engage in a universal monetary system.
Based on feedback from Square sellers, there is a notable interest in bitcoin, perceived as having diverse applications such as long-term savings and broadening their business portfolio.
Through Bitcoin Conversions, qualifying Square sellers in the U.S. can designate between 1% and 10% of their daily sales from their Square seller account to be automatically transferred to their personal Cash App account. This allocation will be utilized to purchase bitcoin daily, with sellers incurring a flat 1% fee for each conversion.
Following the transfer to the Cash App account, account holders have the flexibility to hold, send, sell, or manage the bitcoin according to their preferences.
The availability of Bitcoin Conversions will gradually extend to all eligible Square sellers nationwide, except those based in New York.
Highlighting this collaboration as part of various Block ecosystem integrations for bitcoin, the press release underlined the introduction of new avenues for individuals, developers, and now sellers to engage in a digital global monetary system.
In a separate update, Block announced the launch of its self-custody bitcoin wallet, Bitkey, in 95 countries in December 2023.
Bitkey’s design aims to enhance self-custody accessibility by utilizing a structure that eliminates the need for users to memorize lengthy passwords or seed phrases. Instead, Bitkey employs three keys for bitcoin security, requiring any two keys for coin transfers or approval of security-related functions.
