Block allows millions of Square merchants to convert their sales to Bitcoin through the Cash app.

According to a press release sent to Bitcoin Magazine, Block, a global technology company focused on financial services, has launched Bitcoin Conversion, a feature that will allow millions of Square merchants to convert a portion of their daily sales to Bitcoin using Cash App. Announced that it has been released. .

This collaboration between Square and Cash App will allow eligible Square merchants in the U.S. to allocate 1-10% of their daily sales from their Square merchant account to be automatically transferred to their personal Cash App account. The funds are then used to purchase Bitcoin each evening, and the seller has full control over his Bitcoin holdings, including the ability to hold, transfer, sell, and manage the BTC as he sees fit. Each conversion from daily sales to Bitcoin is subject to a transparent and flat 1% fee.

Block believes that Bitcoin is a tool for economic empowerment and enables global participation in the digital currency system. Direct feedback from Square sellers indicates strong interest in Bitcoin for a variety of use cases, including long-term savings and diversifying business holdings.

This plan is part of Block’s broader strategy to integrate Bitcoin into various ecosystems, providing new avenues for individuals, developers, and now merchants to engage with Bitcoin. This collaboration builds on previous integrations between Square and Cash App, providing additional value and efficiencies for participants across the Block ecosystem.

Bitcoin Conversion is available to eligible self-employed individuals or single-member LLCs in the United States, with a gradual rollout planned for all eligible merchants (except New York State-based merchants) in the coming months.