Jack Dorsey’s payments company Block announced Wednesday that it is debuting a new service. Bitcoin This is the latest effort in our ongoing effort to make BTC a part of everyday commerce, a payments and cryptocurrency integration wallet aimed at small and medium-sized businesses using the Square point of sale system.
Starting Wednesday, merchants using the Square Bitcoin network will be able to convert the money they receive into BTC and access their wallets with zero fees. Block said in the announcement. On November 10th, companies It accepts cryptocurrencies and allows you to convert up to 50% of your daily sales revenue into Bitcoin.
“We’re making Bitcoin payments as seamless as card payments, while giving small businesses access to financial management tools that were previously only available to large corporations,” said Miles Souter, head of Bitcoin products at Block.
He added: “More than just a store of value, Square is uniquely positioned to make everyday money with Bitcoin while also helping sellers future-proof their businesses.”
Block said Square Bitcoin aims to prepare merchants for the growing use of Bitcoin as a payment method, calling the effort “Simplifying Bitcoin for Main Street.”
The Bitcoin wallet built into Square products also allows sellers to manage their crypto holdings, according to the announcement.
New York Stock Exchange-listed Block (XYZ) stock traded up 2.6% on Wednesday, according to Yahoo Finance.
Other Block companies, including Cash App, have released Bitcoin products, including crypto hardware wallets. bit key.
Mr. Dorsey founded Twitter (now X), left The company says it is committed to Bitcoin products, but has long said it wants the leading cryptocurrency to be used as “everyday money.”
Although many observers of the cryptocurrency industry say that Bitcoin’s main advantage is that it is a store of value, bitcoin maximalist Dorsey and others say that for the oldest existing digital coin to be truly successful, it needs to be used as a medium of exchange.
The block also branched out into the world of. bitcoin mining:August company released A new Bitcoin mining rig that aims to reduce costs for miners by using replaceable parts.
