Square Launches Bitcoin Payments & Wallet for U.S. Businesses
Square, the fintech company led by Twitter co-founder Jack Dorsey, has launched its first integrated Bitcoin payment and wallet platform for U.S. businesses. The new service, Square Bitcoin, enables businesses to accept crypto transactions and manage their digital assets seamlessly within their existing sales system.
Square aims to make Bitcoin transactions as easy as card payments, bringing cryptocurrency tools to small businesses. The platform offers several key features:
Businesses can accept Bitcoin payments with no processing fees for the first year, allowing them to keep more of their sales revenue. They can also manage their Bitcoin holdings through a built-in wallet on the Square Dashboard. Additionally, businesses can convert up to 50% of their daily revenue into Bitcoin using the platform.
The initiative expands Square's Bitcoin ecosystem, which already includes Cash App's trading functions, Bitkey's self-custody wallet, the Proto mining division, and Spiral's open-source development projects. Nearly instantaneous settlements for Bitcoin payments will provide merchants with faster access to funds and more flexibility in managing cash flow.
The launch of Square Bitcoin comes as the number of U.S. cryptocurrency payment users is projected to jump 82% between 2024 and 2026.
With Square Bitcoin, businesses can now easily integrate Bitcoin payments into their operations, potentially attracting more tech-savvy customers and tapping into the growing cryptocurrency market. The no-fee offer for the first year encourages businesses to explore Bitcoin as a viable payment option, further driving adoption and growth in the crypto space.
