Block plans to launch Bitcoin payments on its commercial technology platform Squareallowing merchants using the square Point of sale Application to accept Bitcoin payments directly via their square equipment.
The company plans to start deploying This New native bitcoin For Companies offering the second half of the year, then extend it to all square sellers in 2026, subject to regulatory approvalshe said in a Tuesday (May 27) press release.
“When a coffee or a retail store can accept bitcoin via square, small businesses are paid faster, And be able to keep more of their income, ”said Block Bitcoin product Miles suck said in the press release. “This is an economic empowerment for traders who like to have options when it comes to accepting payments.”
With the integration of Square giving the complexity behind the Scenes, and the Lightning network By allowing close settlement, customers will be able to pay with Bitcoin by scanning a QR code at the cash register, according to the press release.
Bitcoin for companies is based on square Bitcoin conversions characteristics, which was launched in 2024 and allowed qualified merchants To automatically convert some of their Bitcoin salessaid the press release.
“We believe in an open, decentralized, equitable, fast and low cost money system for everyone, and that’s exactly what we want to bring to square sellers,” said the press release.
When block ecosystems are square and Cash application began to deploy Bitcoin conversions in April 2024, the company said that functionality would allow square sellers to participate in a Digital global monetary system By giving them the possibility of allocating between 1% and 10% of their daily sales to be transferred to their personal cash application account and converted into Bitcoin at the end of each day.
“According to direct comments from square sellers, many are interested in Bitcoin and believe that it has a wide range of use cases, such as long -term savings and the diversification of their businesses,” said Block at the time in a press release.
Jack DorseyBlock Head, president and co-founder blocksaid in November Call the benefits that the company is concentrated doing bitcoin more accessible and secure.
“We want to make it usable each day, By having an open protocol for internet payments, “said Dorsey at the time.
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