The Jack Dorsey-led payments firm offers fee-free transactions until 2027 via the Lightning Network.
Crypto News
Block enabled Bitcoin payments for 4 million merchants worldwide through its Square Bitcoin platform on Monday. The Jack Dorsey-led payments firm offers fee-free transactions until 2027 via the Lightning Network.
Square Bitcoin integrates payment acceptance with instant settlement at point-of-sale terminals. Merchants can automatically convert daily card sales into Bitcoin through the platform's wallet functionality.
Block launched the Square Bitcoin platform in October and demonstrated merchant acceptance at Compass Coffee locations in Washington, D.C. The rollout makes Bitcoin payments available across the company's global seller network.
The Lightning Network integration enables instant transaction settlement without processing delays. Sellers receive Bitcoin directly at checkout with zero fees through 2027.
Dorsey described Square Bitcoin in the company's third-quarter shareholder letter as the first fully integrated payment and wallet solution for businesses. Head of Bitcoin Product Miles Suter said the platform gives small businesses access to financial tools previously available only to large corporations.
Block serves merchants and consumers through Square and Cash App platforms. The company positions itself to make Bitcoin function as an everyday currency rather than solely a store of value.
Dorsey is advocating for de minimis tax exemptions on small Bitcoin transactions after legislative efforts stalled. The X co-founder wants Americans to be exempt from reporting minor crypto purchases as capital gains.
Block launched the BitKey self-custody hardware wallet last year and enables Bitcoin trading through Cash App. The application allows users to buy, sell, and transfer digital assets directly.
Cash App includes a map showing global merchants accepting Bitcoin payments, including Square Bitcoin users. Block shares traded 0.5% higher on Monday at $65.80, while $Bitcoin gained 1.7% over 24 hours to $105,456.
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