Block, the company behind Square, Cash App, and other services, today announced a new program that allows merchants using Square's solutions to convert a percentage of their daily sales into Bitcoin.
The feature is rolling out in the U.S. starting today, and will send 1% to 10% of Square merchants' daily sales to their personal Cash App accounts. This amount will be converted to Bitcoin at the end of the day. Once the transaction is completed, the seller will receive confirmation of the conversion.
Block said the Bitcoin conversion feature will be available to all sole proprietorships or individual member LLCs in the coming months. The company takes a 1% cut from every conversion made by the seller. Sellers can send or sell Bitcoin to other wallets at any time from their Cash App account.
“Block believes Bitcoin is a means of economic empowerment and provides a way for people around the world, including business owners, to participate in the global monetary system,” the company said in a statement.
“Direct feedback from Square sellers shows that many people are interested in Bitcoin and believe it offers a wide range of use cases, including long-term savings and diversifying corporate holdings. ing.”
When asked about merchant conversion patterns and average revenue, Block said the company had only tested the Bitcoin conversion feature with a small number of merchants and did not have conclusive data.
Block has strived to make it easy for users to buy Bitcoin across their platform. For example, the company has integrated its self-custodial wallet Bitkey with Cash App and Coinbase, making it easy for holders to trade Bitcoin.