Block, the financial services firm, has introduced a new feature allowing merchants using Square to convert a portion of their daily sales into Bitcoin (CRYPTO:BTC) through the Cash App.
Jack Dorsey, Block’s founder, announced the update, stating that merchants now have the option to transfer between 1-10% of their Square-generated earnings into Bitcoin.
The feature, launched in the U.S., enables Square sellers to transfer a percentage of their daily sales into their personal Cash App accounts, where it will be converted from fiat into BTC at the end of the business day.
Block’s Bitcoin product lead, Michael Rihani, expressed excitement about the rollout, highlighting that millions of Square sellers will now have the opportunity to automatically convert a portion of their sales into Bitcoin.
Cash App's revenue reached $14.3 billion in 2023, showing significant growth, and this announcement comes after Block revealed its development of a Bitcoin mining rig using its own chip technology.