In brief
- Block has launched Bitcoin payments for all of its merchants globally via its Square Bitcoin platform.
- Initially launched in October, the feature will offer no fees to sellers until 2027.
- Block has also launched its own Bitcoin hardware wallet and allows Bitcoin trading via Cash App.
Block, the payments infrastructure firm led by Jack Dorsey, has enabled Bitcoin payments for 4 million merchants globally using the Square Bitcoin feature of its point-of-sale platform, the firm announced on Monday.
The integration allows merchants to accept Bitcoin at checkout with instant settlement via Bitcoin’s Lightning Network, with no fees until 2027. Sellers can automatically convert a portion of their daily card sales into Bitcoin as well.
“Square Bitcoin is the first fully integrated Bitcoin payments and wallet solution for businesses that will enable sellers to accept Bitcoin payments and automatically convert sales into Bitcoin,” Dorsey wrote in his firm’s third-quarter shareholder letter.
The firm initially introduced its Square Bitcoin platform in October and successfully demonstrated merchant acceptance at Compass Coffee, a Washington D.C.-based coffee chain shortly thereafter.
The launch is part of the Block’s initiative to provide sellers with financial optionality and flexibility, the company said, all while bringing Bitcoin into the fold of everyday payments and commerce.
“We’re making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been exclusive to the largest corporations,” said Block’s Head of Bitcoin Product Miles Suter, in an October statement announcing the product.
“Through Square and Cash App, we serve both sides of the counter, meaning Square is uniquely positioned to make Bitcoin everyday money, not just a store of value—while also helping sellers future-proof their operations,” he added.
As part of that push, Dorsey has been calling for a de minimis tax exemption on everyday Bitcoin transactions after a legislative effort fell short months ago. In other words, the Block CEO and X (formerly Twitter) co-founder is hoping Americans will not need to report small crypto transactions as capital gains.
Dorsey’s firm has released other Bitcoin products as well. Last year, it launched a self-custody hardware wallet called BitKey, and its Cash App—a Venmo or PayPal rival—allows users to buy, sell, and transfer Bitcoin. A map of all global merchants that accept Bitcoin, including those using Bitcoin Square, can be found inside Cash App as well.
Shares of Block (XYZ) are up about 0.5% on Monday, changing hands at $65.80. Bitcoin has gained about 1.7% in the last 24 hours, now trading at $105,456.
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