Blocka global technology company focused on financial services, has announced the launch of bitcoin Conversions, a feature that allows millions of Square sellers to convert a percentage of their daily sales to bitcoin using Cash Appaccording to a press release sent to bitcoin Magazine.
This collaboration between Square and Cash App allows eligible Square sellers in the US to allocate 1-10% of their daily sales from their Square seller account to automatically transfer them to their personal account in the app Cash. The funds will then be used to purchase bitcoins at the end of each day, and sellers will have full control over their bitcoin holdings, including the ability to hold, send, sell, and manage their btc as they see fit. A flat and transparent 1% fee is applied to every conversion made from daily sales to bitcoin.
Block stated that he believes bitcoin is a tool for economic empowerment, enabling global participation in a digital monetary system. Direct feedback from Square sellers indicates strong interest in bitcoin for various use cases, including long-term savings and diversification of business holdings.
This initiative is part of Block's broader strategy to integrate bitcoin into various ecosystems, providing new avenues for individuals, developers, and now sellers, to interact with bitcoin. The collaboration builds on previous integrations between Square and Cash App, offering additional value and efficiency for participants across the Block ecosystem.
bitcoin Conversions is available to eligible sole proprietors or single-member LLCs in the US, with a phased rollout planned to all eligible sellers in the coming months (excluding sellers based in New York State).
