Jack Dorsey's fintech company, Block, recently announced that it is integrating a new feature for Square sellers, allowing them to allocate a portion of their daily revenue to Bitcoin, with payments Payment on demand through CashApp.
Qualified sellers in the US can now allocate between 1% and 10% of their daily revenue to Bitcoin (BTC). According to a TechCrunch article, fiat funds are collected until the end of the day, at which point they are converted to Bitcoin and deposited into the user's Cash App account. Merchants will be charged a 1% fee for each conversion.
In a statement, Square said the move will empower small businesses and individual owners to participate in the global financial economy:
Block believes that bitcoin is an economic empowerment tool and provides a way for people around the world, including business owners, to participate in the global monetary system. According to direct feedback from Square sellers, many people are interested in bitcoin and believe it has a variety of use cases, such as long-term savings.
The integration was announced just one day after Block announced its intention to build a full-scale Bitcoin mining solution.
