BITCOINDEVELOPMENT

Belief in Value Added! Block: Square and Cash App merchants will be able to convert 10% of their revenue into Bitcoin

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Belief in Value Added! Block: Square and Cash App merchants will be able to convert 10% of their revenue into Bitcoin

With the payment company Block unveiling a major breakthrough in its mining chips and systems, the company's founder Jack Dorsey tweeted early this morning on the 25th, stating that Block is embarking on a new project to allow businesses using its Square and Cash App services to convert a portion of their daily revenue into Bitcoin.

Block Completes Development of Three-Nanometer Chips, Jack Dorsey: Will Introduce a Complete Bitcoin Mining System

Square to Support Daily Sales Conversion to Bitcoin

In a tweet by Jack Dorsey, a report from Techcrunch indicates that U.S. merchants using Square and Cash App financial services can now convert a portion of their daily sales into Bitcoin and hold it.

Users can set up in the app to convert 1% to a maximum of 10% of their daily sales into Bitcoin at the end of each day, which will automatically transfer to the merchant's Cash App account for storage.

Users will also be notified upon completion of the conversion, and Block will take a 1% transaction fee from each conversion. Additionally, users can send Bitcoin to other wallets or sell it at any time through their Cash App account:

In the coming months, the "Bitcoin conversion service" will gradually be opened to all entrepreneurs or store members.

Furthermore, Block revealed that they have only conducted tests with a small number of merchants regarding the conversion process and actual benefits, and currently do not have clear data to provide.

A few days ago, Square's service just released an update on "offline payment functionality," providing a more reliable solution for its payment system.

Block Continues to Promote Bitcoin Adoption

The report also mentioned Block's commitment to making it easy for users to buy Bitcoin on its platform:

Bitcoin is a practical tool for economic empowerment, providing anyone from around the world with a way to participate in the global monetary system.

It added, "Many Square partner merchants are interested in Bitcoin, believing it has various uses, including long-term savings and diversification of business assets."

Prior to this, the company's newly launched cold wallet Bitkey, integrated with Cash App and Coinbase, officially started shipping earlier last month.

Jack Dorsey's cold wallet "Bitkey" goes on sale for $150, available in Taiwan

Meanwhile, Fortune magazine has dubbed Block as the "most interesting company in the current crypto space," indicating that the company's every step towards developing its own Bitcoin-based payment, mining system, and more innovative products has quietly established a Bitcoin empire for Block.