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>>Square now enables merchants to accept Bitcoin payments through Square Bitcoin.

Square now enables merchants to accept Bitcoin payments through Square Bitcoin.

crypthub

2 days ago

Square Bitcoin Launch

Block, formerly known as Square, launched Square Bitcoin, a new crypto-integrated wallet for small businesses utilizing the Square POS system. The feature allows merchants to accept BTC payments and automatically allocate a portion of sales to Bitcoin. U.S. sellers, excluding those in New York, can opt into the service starting November 2023.

Fee Structure and Adoption

Square is waiving processing fees for Square Bitcoin until 2026, with a 1% transaction fee slated for January 2027. The platform supports over 4 million merchants, potentially accelerating mainstream crypto adoption. Block aims to make Bitcoin a practical currency for everyday use.

Broader Crypto Trends

The launch aligns with Block’s broader crypto roadmap and CEO Jack Dorsey’s vision for Bitcoin, following similar features introduced to Cash App. Rising U.S. crypto payment use is expected, bolstered by favorable regulations and AI innovations streamlining transactions. PayPal and Google are also expanding their crypto payment features.