Block, the company formerly known as Square, announced on Monday that it has enabled Bitcoin payments for 4 million merchants worldwide through its Square Bitcoin platform. The Jack Dorsey-led payments firm is offering fee-free transactions until 2027 via the Lightning Network.
How the Square Bitcoin Platform Works
The Square Bitcoin platform integrates payment acceptance with instant settlement at point-of-sale terminals. Merchants can automatically convert their daily card sales into Bitcoin through the platform's wallet functionality.
Block initially launched the Square Bitcoin platform in October, demonstrating merchant acceptance at Compass Coffee locations in Washington, D.C. This recent rollout makes Bitcoin payments available across the company's entire global seller network.
The integration of the Lightning Network is a key feature, enabling instant transaction settlement without processing delays. Sellers will receive Bitcoin directly at checkout with zero fees through 2027.
Vision and Accessibility for Businesses
In the company's third-quarter shareholder letter, Jack Dorsey described Square Bitcoin as the first fully integrated payment and wallet solution designed specifically for businesses. Miles Suter, Head of Bitcoin Product, stated that the platform aims to give small businesses access to financial tools that were previously only available to large corporations.
Block serves both merchants and consumers through its Square and Cash App platforms. The company's strategic positioning focuses on making Bitcoin a functional everyday currency, rather than solely a store of value.
Advocacy and Additional Bitcoin Services
Jack Dorsey has been actively advocating for de minimis tax exemptions on small Bitcoin transactions, following stalled legislative efforts. The co-founder of X (formerly Twitter) desires for Americans to be exempt from reporting minor crypto purchases as capital gains.
Block also launched the BitKey self-custody hardware wallet last year. Furthermore, the company facilitates Bitcoin trading through its Cash App, an application that allows users to buy, sell, and transfer digital assets directly.
The Cash App includes a map that identifies global merchants accepting Bitcoin payments, including those utilizing the Square Bitcoin platform. On Monday, Block shares traded 0.5% higher, closing at $65.80, while Bitcoin gained 1.7% over a 24-hour period, reaching $105,456.