Jack Dorsey Says Block Will Allow Square Sellers To Auto Convert A Percent Of Daily Sales To Bitcoin

Benzinga04-25

Loading...Loading...Block Inc SQ CEO and Twitter co-founder Jack Dorsey has announced a new feature that enables Square merchants to automatically convert a percentage of their daily sales into ...

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At the end of the day, this amount will be converted into Bitcoin. Merchants will receive a confirmation of the conversion when the transaction is complete, according to a TechCrunch article shared by Dorsey.\nAccording to TechCrunch, Block has stated that the Bitcoin conversion feature will be available to all sole proprietors or single-member LLCs in the coming months. The company will take a 1% cut from every conversion made by the seller. Merchants can send Bitcoin to other wallets or sell them at any time from their Cash App account.See Also: Bitcoin Halving, Elon Musk’s Dogecoin Tweet, Solana’s Rise And More: This Week In CryptocurrencyWhy It Matters: This move comes as part of Block’s ongoing efforts to expand its cryptocurrency offerings. In December 2023, the company launched its self-custody Bitcoin wallet, Bitkey, which is now accessible in over 95 countries. The wallet, available as a mobile app or hardware storage, highlights a two-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key.However, this announcement also comes on the heels of significant layoffs at Block. In January 2024, the company reduced its workforce by 10%, affecting employees across various sectors of the company, including the Cash App, Foundational, and Square sectors. The layoffs were reportedly conducted in a single day to boost efficiency at the financial firm.Price Action: Block shares closed 1.58% lower at $74.03 in the regular session and declined nearly 1% in the after-hours trading. At the time of writing, Bitcoin traded 3.5% lower at $64,274.16, according to data from Benzinga Pro.Photo by Frederic Legrand – COMEO on ShutterstockRead Next: Dogecoin Could Outperform Bitcoin Thanks To Consolidation In The Golden Pocket, Says Trader: ‘This Is A Very Good Sign’\n\n\n        Engineered by\n        Benzinga Neuro, Edited by\n        \n\n              Shivdeep Dhaliwal\n\n\n\n\n        The GPT-4-based Benzinga Neuro content generation system exploits the\n        extensive Benzinga Ecosystem, including native data, APIs, and more to\n        create comprehensive and timely stories for you.\n        Learn more.\n\n\nLoading...Loading...Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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