Square and Cash App Integrate Bitcoin Conversions for Business Owners

Block's Square and Cash App have introduced "Bitcoin Conversions," enabling eligible Square sellers to automatically allocate a portion of their daily sales to Bitcoin via Cash App. This integration aims to empower businesses with the option to engage in the global monetary system and diversify their holdings through bitcoin. Sellers will incur a 1% conversion fee and can manage their Bitcoin within their Cash App account.

Block's Square and Cash App Integrate Bitcoin Conversions for Sellers

Overview

Block, the parent company of Square and Cash App, has introduced a new feature that enables eligible Square sellers to automatically convert a portion of their daily sales into Bitcoin through Cash App. The Bitcoin Conversions feature is currently being rolled out across the United States, offering sellers a convenient and accessible way to participate in the Bitcoin market.

Details of the Feature

With Bitcoin Conversions, eligible Square sellers can allocate between 1% and 10% of their daily sales from their Square seller account to be transferred to their personal Cash App account. At the end of each business day, the funds transferred to Cash App will be automatically converted into Bitcoin. Sellers incur a flat 1% fee for each conversion.

Once the Bitcoin is purchased, sellers have the flexibility to hold, send, sell, or manage it within their Cash App account. The feature provides sellers with a streamlined and cost-efficient option to explore Bitcoin investments and diversify their business holdings.

Rationale and Market Potential

Block's decision to integrate Bitcoin Conversions into its ecosystem aligns with the company's belief that Bitcoin serves as an instrument of economic empowerment and participation in a global monetary system. According to feedback from Square sellers, many are eager to engage with Bitcoin and recognize its potential use cases, including long-term savings and diversification.

The feature targets a growing pool of small and medium-sized businesses that are increasingly interested in exploring digital assets. Square's extensive reach among these businesses, coupled with Cash App's user-friendly interface and growing popularity, positions the company to capture a significant market share in the emerging Bitcoin adoption among small business owners.

Rollout and Availability

The Bitcoin Conversions feature is being rolled out to eligible Square sellers in the United States in a phased manner over the coming months. It will not be initially available to sellers based in New York due to regulatory considerations. Block plans to expand the availability of the feature to additional regions and geographies in the future.

Complements to Block's Bitcoin Ecosystem

The introduction of Bitcoin Conversions complements Block's existing integrations for Bitcoin within its ecosystem. The company has previously launched its self-custody Bitcoin wallet, Bitkey, in 95 countries, providing users with a secure and convenient way to store their Bitcoin without relying on third-party custodians.

These initiatives demonstrate Block's commitment to promoting the adoption and accessibility of Bitcoin and other digital assets. By offering a comprehensive suite of products and services, Block aims to empower individuals, developers, and businesses to participate in the evolving digital financial landscape.