Jack Dorsey's Square Unveils Bitcoin Payments, Wallet for Retailers

By Mat Di Salvo

Jack Dorsey's payments company Block said on Wednesday that it is debuting a new Bitcoin payments and crypto-integrated wallet targeting small businesses using its Square point-of-sales system, its latest initiative in an ongoing push to make BTC part of daily commerce. 

Starting Wednesday, merchants using the Square Bitcoin network, will be able be able to convert money received into BTC with zero fees and have access to the wallet, Block said in an announcement. On November 10, businesses will be able to accept the cryptocurrency as well as convert up to 50% of daily sales revenue into Bitcoin.

"We're making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been exclusive to the largest corporations," Block's Head of Bitcoin Product Miles Suter said.

He added that "Square is uniquely positioned to make bitcoin everyday money, not just a store of value—while also helping sellers future-proof their operations."

Square Bitcoin aims to prepare merchants for growing use of Bitcoin as a means of payment, calling the initiative "Simplifying Bitcoin for Main Street," Block said.

The Bitcoin wallet, which is built into the Square product, will also allow sellers to manage their crypto holdings, the announcement said.

NYSE-listed Block (XYZ) shares traded 2.6% higher on Wednesday, according to Yahoo Finance.

Block's other companies, including Cash App, have released Bitcoin products, including a crypto hardware wallet, Bitkey.

While many observers of the crypto space say Bitcoin’s primary benefit is as a store of value, Bitcoin maximalists such as Dorsey say the oldest digital coin in existence needs to be used as a medium of exchange to truly succeed. 

Block has even branched into the world of Bitcoin mining: The company in August released a new Bitcoin mining rig aiming to cut costs for miners by using swappable parts.

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