Square merchants can now convert up to 10% of sales to Bitcoin via CashApp
Block gets one percent of every conversion.
Jack Dorsey’s fintech firm, Block, recently announced that it was integrating a new feature for Square merchants that would allow them to allocate a portion of their daily sales to bitcoin, with on-demand payouts via CashApp.
Qualified merchants in the U.S. can currently allocate between one and ten percent of their daily sales to bitcoin. According to a TechCrunch article, the fiat funds are collected until the end of the day, at which point they’re converted to bitcoin and deposited into the user’s CashApp account. Merchants will be required to pay a one percent fee on each conversion.
Per a statement, Square says this move will empower small businesses and individual proprietors to participate in the global financial economy:
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Author: Tristan Greene
