24 April 2024
Block, a global technology company focusing on financial services, has announced the launch of Bitcoin Conversions, a feature that allows millions of Square sellers to convert a percentage of their daily sales to Bitcoin using Cash App, according to a press release sent to Bitcoin Magazine.
This collaboration between Square and Cash App empowers eligible Square sellers in the U.S. to allocate between 1-10% of their daily sales from their Square seller account to be automatically transferred to their personal Cash App account. The funds will then be used to purchase bitcoin at the end of each day, and sellers will have full control over their bitcoin holdings, including the ability to hold, send, sell, and manage their BTC as they see fit. A transparent, flat 1% fee applies to each conversion made from daily sales to Bitcoin.
Block stated that it believes that Bitcoin is a tool for economic empowerment, enabling global participation in a digital monetary system. Direct feedback from Square sellers indicates a strong interest in Bitcoin for various use cases, including long-term savings and diversification of business holdings.
This initiative is part of Block’s broader strategy to integrate Bitcoin into various ecosystems, providing new avenues for individuals, developers, and now, sellers, to engage with Bitcoin. The collaboration builds on previous integrations between Square and Cash App, offering additional value and efficiencies for participants across Block’s ecosystem.
Bitcoin Conversions is available to eligible sole proprietors or single member LLCs in the U.S., with a gradual rollout planned for all eligible sellers in the coming months (excluding New York State-based sellers).