Block ecosystems Square And Cash App have begun rolling out a feature that will allow eligible Square sellers to automatically convert a portion of their daily sales to bitcoin with Cash App.
The rollout of this new Bitcoin conversion feature began Wednesday, April 24, Block said in an email to PYMNTS.
“Block believes that Bitcoin is an instrument of economic empowerment and provides a way for people around the world, including business owners, to participate in a global monetary system,” the company said in the email.
“Based on direct feedback from Square sellers, many are interested in Bitcoin and believe it has a wide range of use cases, such as long-term savings and diversifying their business’s holdings,” says the email.
With Bitcoin conversions, eligible Square sellers in the United States have the option to allocate between 1% and 10% of their daily sales from their Square seller account to transfer to their personal Cash App account, according to the release.
Once in the Cash App account, the funds will automatically be used to purchase bitcoin at the end of each day, the release said. Sellers will pay a flat fee of 1% for each of these conversions.
Account holders can then choose to hold, send, sell or manage the bitcoin as they see fit, according to the release.
Bitcoin conversions will be made available to all eligible Square sellers in the United States in the coming months, according to the release. It will not be available to sellers based in New York.
“This collaboration joins a number of Blocking ecosystem integrations for Bitcoin, providing new possibilities for individuals and developers And now sellers must participate in a digital global monetary system,” the press release said.
In another recent development in this space, Block said in December 2023 that it had launched its self-custody Bitcoin wallet Cock Key in 95 countries.
The wallet is designed to expand access to self-custody using a design that does not require users to remember long passwords or seed phrases, the company said at the time. Rather, Bitkey uses three keys to secure bitcoin, with two of them needed to move coins or approve other security-related functions.
