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On Wednesday, Block, the financial services firm, disclosed that merchants using Square can convert their daily sales into bitcoin through the Cash App. Block’s founder, Jack Dorsey, revealed this update on X, and as of today, merchants have the option to transfer between 1-10% of their Square-generated earnings into bitcoin, the leading crypto asset by market valuation.
From Fiat Sales to Satoshis: Square Merchants Can Now Convert Earnings to Bitcoin
Following Tuesday’s announcement of its 3-nanometer (nm) mining chip, Block founder Jack Dorsey made another bitcoin-centric declaration on Wednesday. In a post on X, Dorsey stated, “Square sellers: auto-convert a percent of your daily sales to bitcoin.” Additionally, Dorsey highlighted a Techcrunch article that summarized the announcement.
Techcrunch author Ivan Mehta detailed that the latest feature, launching in the U.S. on Wednesday, enables the transfer of 1-10% of Square sellers’ daily sales into their personal Cash App accounts. Block disclosed to Mehta that the sum would be converted from fiat into BTC at the close of the business day. Mehta’s report also mentioned that merchants will receive a confirmation once the conversion is finalized.
Block’s bitcoin product lead, Michael Rihani, also disseminated the news on the social media platform X. “Super excited to start rolling out bitcoin conversions today,” Rihani stated. “Millions of Square sellers will be able to automatically convert 1-10% of their daily sales into bitcoin with Cash App.” Additionally, Mehta’s report specifies that Square will charge a 1% fee for each conversion.
Statistics indicate that Cash App generated $14.3 billion in revenue in 2023, marking a 34.9% increase from 2022. Block’s announcement on Wednesday follows the company’s recent disclosure that it is developing a bitcoin (BTC) mining rig using its own chip. Initially, the firm started with a 5-nanometer (nm) semiconductor process but has since upgraded to 3nm technology.