Square, the merchant services arm of Block Inc., has launched Square Bitcoin, a fully integrated BTC payment and wallet solution built directly into its commerce platform.
Notably, the product allows local businesses to accept BTC payments at checkout, automatically convert part of their daily sales into Bitcoin.
Simplifying Bitcoin for Everyday Businesses
This rollout is part of Square’s biggest update to its food and beverage platform, which also includes AI tools, voice ordering, and delivery features. Meanwhile, the Bitcoin tools represent a major step toward founder Jack Dorsey’s goal of bringing decentralized finance to small businesses.
With this new feature, customers can pay with Bitcoin just as easily as they would with cards or mobile payments.
According to Square, the number of U.S. cryptocurrency payment users is expected to grow by 82% between 2024 and 2026. With Square Bitcoin, sellers can now:
- Accept Bitcoin payments directly at checkout with zero processing fees for the first year.
- Convert up to 50% of card sales into Bitcoin, supporting long-term savings diversification.
- Access a built-in Bitcoin wallet, complete with buy, sell, hold, and withdrawal options, all inside the Square Dashboard.
These tools aim to eliminate technical barriers and allow sellers to participate seamlessly in the Bitcoin economy.
Helping Sellers Save Money and Grow with Bitcoin
Square Bitcoin builds on Square’s financial tools, first expanded with Square Banking in 2021, by adding support for digital currency. Businesses benefit from fast payments and low fees, which improve cash flow and reduce costs.
Early testing shows strong interest. Since 2024, a group of businesses using the Bitcoin conversions tool has collected over 140 BTC, worth around $17 million.
Firms like Pink Owl Coffee used the beta version to build a robust financial reserve and educate customers about Bitcoin usage in local commerce.
Part of Block’s Long-Term BTC Vision
Square’s parent company, Block, has long been at the forefront of Bitcoin innovation through initiatives like Cash App’s Bitcoin trading, Bitkey self-custody wallet, Proto mining services, and Spiral’s open-source projects.
According to Block’s Head of Bitcoin Product, Miles Suter, the goal is to help small businesses access powerful financial tools that were once only available to large companies.
Notably, the tools are currently available only to U.S.-based sellers outside of New York, due to regulations. Square hopes to expand availability as laws change.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
