Block Enables Square Merchants to Convert Daily Sales into Bitcoin; Embarks on Mining Venture
Summary:
Block, a fintech company led by Jack Dorsey, has rolled out a feature that allows Square merchants to convert a percentage of their daily sales into Bitcoin with instant payouts possible via CashApp. The move aims to empower small businesses to actively participate in the global financial economy. This announcement follows Block's revealing of plans to build a comprehensive Bitcoin mining solution. Further, propulsion into the Bitcoin ecosystem is seemingly fueled by Block's impressive Bitcoin profits in Q4 of 2023, affirming its expansion into Bitcoin services.
Recently, Block, a financial technology company headed by Jack Dorsey, introduced a new feature that enables Square merchants to invest a percentage of their daily profits into bitcoin. Instant pay-outs are available through CashApp. Eligible US-based retailers can choose to divert any fraction from one to ten percent of their daily earnings into bitcoin. TechCrunch reported that these regular currencies are gathered and at day's end, they're converted into bitcoin, which is then deposited into the merchant's CashApp account. One percent of each conversion would be charged as a fee. Square stated this initiative would provide a means for small businesses and individual owners to be a part of the worldwide financial system. The company believes bitcoin empowers the economy and offers people, including entrepreneurs, access to a global financial structure. Communication with Square sellers revealed that many are intrigued by bitcoin and perceive its potential for long-term savings and diversifying their businesses' assets.
The implementation came one day after Block disclosed its plan to create a comprehensive Bitcoin mining solution. In a recent Cointelegraph report, Block is making its entrance into the mining industry following the successful development of a unique three-nanometer chip specialized for Bitcoin mining. To make the announcement, Dorsey published "We're building a mining rig" on the X social media platform. This sudden leap into the Bitcoin realm by Block could be linked to its remarkable Bitcoin profits in Q4 of 2023; CashApp, on its own, realized $66 million in Bitcoin gross profits—a 90% rise from 2022. Dorsey's assertion that CashApp aims to be a top provider of banking services to US households with an annual income of up to $150,000 also indicates a move towards expanding Bitcoin services. In related news, Morgan Creek Capital predicted that Baby Boomers might invest over $300B into the crypto markets.
Published At
4/25/2024 11:03:22 PM
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