With the major breakthrough in its mining chips and systems, payment company Block’s founder Jack Dorsey announced yesterday (25) that Block is working on a new project to provide a service for businesses using its Square and Cash App services to convert a portion of their daily sales into Bitcoin.
(
Block completes development of 3nm chips, Jack Dorsey: will launch a complete Bitcoin mining system
)
Table of Contents
Toggle
Square to support daily sales conversion to Bitcoin
Block continues to promote the popularization of Bitcoin
In Jack Dorsey’s tweet, a report from Techcrunch is reposted, showing that US businesses using Square and Cash App financial services can now convert a portion of their daily sales into Bitcoin and hold it.
Advertisement – Continue reading below
It is understood that users can set in the app to convert 1% to a maximum of 10% of their daily sales into Bitcoin at the end of the day, which will be automatically transferred to the merchant’s Cash App account for storage.
Users will also receive notifications when the conversion is complete, and Block will charge a 1% transaction fee for each conversion. In addition, users can send Bitcoin to other wallets or sell it at any time through their Cash App account.
In the coming months, the “Bitcoin conversion service” will gradually be opened to all entrepreneurs or members of stores.
In addition, regarding the conversion method and actual benefits behind it, Block revealed that they have only conducted tests with a small number of merchants and currently do not have specific data to provide.
Just a few days ago, Square’s service released an update for its “offline payment function,” providing a more reliable solution for its payment system.
The report also mentioned Block’s ambition to facilitate users’ easy purchase of Bitcoin on its platform:
Bitcoin is a practical economic empowerment tool that provides a way for anyone from around the world to participate in the global monetary system.
It also added, “Many Square partner stores are interested in Bitcoin and believe it has various uses, including long-term savings and diversification of corporate assets.”
Previously, the company launched the cold wallet Bitkey, which integrates with Cash App and Coinbase, and it officially started shipping last month.
(
Jack Dorsey’s cold wallet “Bitkey” on sale for $150, available in Taiwan
)
At the same time, Fortune magazine referred to Block as the “most interesting company in the cryptocurrency field,” indicating that the company has gradually established a Bitcoin empire of its own with its payment, mining system, and other innovative products based on Bitcoin.
block
Cash App
Jack Dorsey
Square
payment
Bitcoin
Further Reading
GDP decline, high inflation, stocks and bonds slump, Bitcoin consolidates in range
Janet Yellen hearing board “Buy Bitcoin” sold for 16 Bitcoin and a million dollars.