Block (SQ) Enables Square Merchants to Convert Sales to Bitcoin

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Square’s innovative service, Square (SQ), now enables its merchants to convert a certain percentage of their daily transactions into Bitcoin. The financial tech company behind Cash App and other solutions made this announcement, introducing a new feature that allows businesses using Square’s tools to easily invest in Bitcoin with their sales revenue.

Block’s Sales to Bitcoin Initiative Rolls Out in The US

Based on recent news, Square (Block’s company) is set to launch new features starting from today. These services are accessible to American merchants using Square. With this update, they can transfer between 1% and 10% of their daily earnings into their Cash App accounts.

Beginning in the next few months, sole proprietors and single-member LLCs, as per Block’s announcement, will be granted the ability to convert Bitcoin through a new feature. Vendors will receive a 1% fee for every conversion they process, which goes to the corporation. Merchants can easily sell Bitcoins on the spot or transfer them to other wallets using their Cash App account.

Block’s Venture in Bitcoin Mining Chips

Yesterday, Block Inc. (SQ) finished developing an eagerly anticipated Bitcoin mining chip with a 3-nanometer size. This innovative chip could significantly impact the expanding mining sector since such chips are crucial for building highly sophisticated computers required in mining operations.

Due to the newness of the chip technology essential for Bitcoin mining, it might be challenging for newcomers to surpass existing market leaders. A limited number of Asian chip manufacturers have cashed in substantially during the cryptocurrency boom. Notably, Bitmain, based in Beijing, has amassed billions of dollars and held a dominant position in this sector. Moreover, after the Bitcoin market plummeted in early 2023, Intel called it quits on their Bitcoin mining venture.

Block (SQ) has streamlined the procedure for buying Bitcoin on all their platforms. Furthermore, they have integrated Bitkey, their self-custodial wallet, with Coinbase and Cash App to facilitate seamless Bitcoin trading for users.

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2024-04-24 20:21