Block ecosystems Square and Cash App have begun rolling out a feature that will allow eligible Square sellers to automatically convert a portion of their daily sales to bitcoin with Cash App.
The rollout of this new Bitcoin Conversions feature began Wednesday (April 24), Block said in an email to PYMNTS.
“Block believes that bitcoin is an instrument of economic empowerment and provides a way for people around the world, including business owners, to participate in a global monetary system,” the company said in the email.
“According to direct feedback from Square sellers, many are interested in bitcoin and believe it presents a wide range of use cases, such as long-term savings and diversifying their businesses’ holdings,” the email said.
With Bitcoin Conversions, eligible Square sellers in the United States have the option to allocate between 1% and 10% of their daily sales from their Square seller account to be transferred to their personal Cash App account, according to the release.
When in the Cash App account, the funds will be automatically used to purchase bitcoin at the end of each day, the release said. Sellers will pay a flat 1% fee for each of these conversions.
Account holders can then choose to hold, send, sell or manage the bitcoin as they see fit, per the release.
Bitcoin Conversions will be made available to all eligible Square sellers across the U.S. in the coming months, according to the release. It will not be available to New York-based sellers.
“This collaboration joins a number of Block ecosystem integrations for bitcoin, providing new ways for individuals, developers and now sellers to participate in a digital global monetary system,” the press release said.
In another recent development in this space, Block said in December 2023 that it launched its self-custody bitcoin wallet Bitkey in 95 countries.
The wallet is designed to widen access to self-custody by using a design that doesn’t require users to remember long passwords or seed phrases, the company said at the time. Rather, Bitkey uses three keys to secure bitcoin, with any two of them needed to move coins or approve other security-related functions.
