Block’s new Feature allows Merchants to Convert Sales to Bitcoin

Jack Dorsey’s payment company Block, formerly known as Square, introduced a new feature that allows merchants to convert a percentage of their daily sales to bitcoin (BTC).
Block, the company behind Cash App and other services, aims to go a step further for Square sellers with a feature that makes it easier for users to get their hands on bitcoin.

According to an announcement via Techcrunch on Wednesday, the fintech company is linking together Square and Cash App, its peer-to-peer payments app, to enable Square Sellers to transfer 1 to 10% of store revenue to their Cash App account.
The funds sent to their personal Cash App account can be converted into bitcoin (BTC) at the end of the day. Store owners will receive a confirmation of the bitcoin conversion once the transaction is complete.
In addition, sellers are required to pay a 1% fee for each conversion, with the option to hold, sell, or transfer at any time.
Block, which rebranded from Square Inc. in 2021, said the bitcoin conversion feature rolling out in the U.S. starting on Wednesday will be available to only single-member LLCs or sole proprietors until a full rollout to Square customers in the coming months.
Furthermore, the company believes that bitcoin is a digital asset that can be used as a tool for economic empowerment and it provides a way for individuals and business owners around the world to participate in a global monetary system.
Block reportedly carried out a survey to gather feedback from Square sellers for its market research. The company found out from the direct feedback that sellers are interested in BTC as it presents a wide range of use cases, such as diversifying their businesses’ holdings and saving long-term. 
Block (SQ) is making an effort to make it easy for users to purchase bitcoin across its platforms. Furthermore, the company connected its own custodial wallet, Bitkey, with the Cash App and Coinbase to simplify the process of buying bitcoin.
In 2023, Block made a profit of $1.18 billion on its Cash App business, while Square earned a gross profit of $828 million, and as of the end of December, the company held approximately 8,038 BTC.

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