Block Introduces Bitcoin Conversion for Square Users

Block, the payments company formerly known as Square Inc. and led by Jack Dorsey, has unveiled a new feature that significantly simplifies the process of acquiring Bitcoin for retail businesses. This innovation allows stores utilizing Square’s technology to convert a portion of their daily sales directly into Bitcoin, integrating seamlessly with Block’s consumer-oriented Cash App.

Announced on Wednesday, the new service, dubbed “Bitcoin Conversions,” enables Square users with a linked Cash App account to automatically convert between 1% to 10% of their store’s revenue into Bitcoin. This feature represents a strategic enhancement designed to bridge traditional retail operations with the burgeoning world of cryptocurrency, providing a straightforward mechanism for business owners to invest in Bitcoin as part of their daily transactions.

For this service, Block has set a conversion fee of 1%, which they believe is a small price for the convenience and potential economic empowerment that Bitcoin offers. In their announcement, Block emphasized Bitcoin’s role as “an instrument of economic empowerment,” facilitating global participation in a decentralized financial system. They highlighted the enthusiasm among Square sellers for Bitcoin, noting its potential applications ranging from long-term savings strategies to diversifying business assets.

Further expanding its commitment to the Bitcoin ecosystem, Block also revealed the completion of a groundbreaking three-nanometer chip designed for Bitcoin mining. This new technology is aimed at enhancing the efficiency and viability of Bitcoin mining operations, which are crucial for processing transactions on the Bitcoin network. According to Block, this innovation will enable mining operators of all sizes to “survive and thrive” in an increasingly competitive market.

This move is part of a broader pivot by Jack Dorsey, who stepped down as CEO of Twitter (now X) in 2021, to concentrate on developing Bitcoin-centric products. Dorsey’s focus on cryptocurrency reflects his belief in its potential to transform the economic landscape by offering a more accessible and equitable financial system.

Block’s introduction of the Bitcoin Conversions feature for Square users marks a significant step forward in connecting traditional business operations with the digital currency space. By making it easier for retailers to invest in Bitcoin through everyday transactions, Block is paving the way for wider adoption of cryptocurrencies in commerce. This development not only supports business owners in diversifying their investments but also aligns with Dorsey’s vision of economic empowerment through digital innovation.