Block rolls out bitcoin payments on Square
Block is adding real-time bitcoin payments to its Square point-of-sale terminals.
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The new feature - set to start rolling out later this year - leverages the Lightning Network to enable merchants to accept bitcoin payments directly through their Square hardware.
To make a payment, customers scan a QR code at checkout, with the Lightning Network protocol ensuring near-instant settlement while Square's integration handles real-time exchange rate calculations and confirmation notifications.
The native Bitcoin For Businesses offering builds on Block's Bitcoin Conversions feature launched in 2024, which allows qualified merchants to automatically convert a portion of their daily sales into bitcoin.
Miles Suter, bitcoin product lead, Block, says: 'When a coffee shop or retail store can accept bitcoin through Square, small businesses get paid faster, and get to keep more of their revenue. This is about economic empowerment for merchants who like to have options when it comes to accepting payments.'
Under bitcoin-fan founder Jack Dorsey, Block has embraced crypto with a range of services, including Cash App's bitcoin buy, sell, and transfer capabilities, the Bitkey self-custody bitcoin wallet, and the Proto suite of bitcoin mining products and services.
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