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

Nausheen Thusoo
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Highlights

  • Block (SQ) new initiative that lets businesses that use Square's products turn a portion of their daily sales into Bitcoin.
  • According to Block, in the upcoming months, all sole proprietors and single-member LLCs will have access to the Bitcoin conversion feature.
  • Just yesterday, Block (SQ) completed the development of the much-awaited Bitcoin mining chip.

Block (SQ) has provided its Square merchants with brand-new assistance in converting a portion of their daily sales to Bitcoin. The company that created Cash App, Square, and other services, just revealed a new initiative that lets businesses that use Square’s products turn a portion of their daily sales into Bitcoin.

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

According to reports, Block’s (SQ) new services will be rolled out beginning today. The service will be available to Square vendors in the United States. It will allow them to deposit 1–10% of their daily sales into their Cash App account.

According to Block, in the upcoming months, all sole proprietors and single-member LLCs will have access to the Bitcoin conversion feature. Additionally, a 1% cut of each conversion made by the vendor goes to the corporation. From their Cash App account, merchants can sell Bitcoins at any moment or transmit them to other wallets.

Read Also: Pro-XRP Lawyer Slams Judge Torres’ Interpretation Of ODL Sales

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Block’s Venture in Bitcoin Mining Chips

Just yesterday, Block (SQ) completed the development of the much-awaited Bitcoin mining chip. The three-nanometer chip has the potential to play a big role in the quickly growing mining industry because these chips are necessary to construct some of the most advanced computers.

Since the chip, which powers specialized computers that mine Bitcoin, is still in the early stages of development, it may be tough for competitors to outbid the incumbent. Only a handful of Asian chip manufacturers have turned a significant profit during the cryptocurrency surge. Beijing-based Bitmain has made billions of dollars and controlled the sector. Also, as the Bitcoin market crashed in early 2023, chipmaker Intel ended its Bitcoin mining program.

Block (SQ) has made an effort to simplify the process of purchasing Bitcoin on all of its sites. Additionally, to make it simple for users to trade Bitcoin, the company, connected its self-custodial wallet Bitkey with Coinbase and the Cash App.

Read Also: Peter Schiff Predicts Bitcoin (BTC) $60K Support Won’t Hold

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.