Block, the fintech firm founded by Jack Dorsey, has unveiled an innovative feature for Square merchants, enabling them to designate a portion of their daily sales towards bitcoin. This integration offers on-demand payouts via CashApp, marking a significant step towards mainstream adoption of cryptocurrency in the retail sector.
Qualified merchants across the United States now have the opportunity to allocate between one and ten percent of their daily sales to bitcoin. As reported by TechCrunch, fiat funds accrued throughout the day are aggregated and subsequently converted to bitcoin at the end of each day. These converted funds are then deposited directly into the merchant’s CashApp account.
It’s worth noting that merchants utilizing this feature will incur a one percent fee on each conversion. Despite this fee, the integration offers a seamless and efficient pathway for merchants to venture into the realm of cryptocurrency, leveraging their daily sales to accumulate bitcoin assets.
With Block’s innovative initiative, Square merchants are poised to embrace the potential of cryptocurrency, diversifying their financial portfolios and engaging with emerging digital assets. This strategic move not only aligns with the evolving landscape of financial technology but also underscores Block’s commitment to fostering innovation in the payments industry.
