Block Enables Square Merchants to Convert Sales to Bitcoin via Cash App, Incurs 1% Fee

Jack Dorsey's fintech company, Block, has introduced a new feature for Square merchants enabling them to allocate a portion of their daily sales to Bitcoin via Cash App. Qualified merchants in the U.S. can allocate between 1% and 10% of their daily sales to Bitcoin, with the fiat funds being converted at the end of the day and deposited into the merchant's Cash App account. However, merchants will incur a 1% fee on each conversion. This move is aimed at empowering small businesses and individual proprietors to participate in the global financial economy, as Block sees Bitcoin as a tool for economic empowerment. This integration comes shortly after Block signalled its intent to develop a full-scale Bitcoin mining solution, following its impressive BTC profits in the fourth quarter of 2023, particularly through Cash App.