Block, the payments company founded by Jack Dorsey, revealed on Wednesday a new crypto-integrated wallet, Square Bitcoin, designed for small businesses using the Square POS system. The new feature will allow merchants to accept BTC payments and automatically allocate a portion of their sales to Bitcoin.
As of November 10, Square merchants will have the option to accept Bitcoin and convert up to half of their daily takings into BTC. Through Square’s existing dashboard, sellers will manage their built-in Bitcoin wallet to store, trade, or withdraw their holdings. However, the option is available to U.S. sellers, except those based in New York, with no international access currently.
The firm is also waiving all processing fees until 2026; after this period, a 1% transaction fee will apply starting January 1, 2027.
Block’s Suter said its apps can help make Bitcoin a practical, everyday currency
Block’s Head of Bitcoin Product, Miles Suter, commented on the new feature: “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.”
The company plays on both sides by running Square and Cash App, which will greatly benefit it in eventually making Bitcoin a usable, everyday currency and preparing merchants for the future, he added.
Following the announcement, Shares of NYSE-listed Block (XYZ) rose 2.6% on Wednesday, according to data from Yahoo Finance.
With Square’s platform supporting over 4 million merchants, the initiative could be a major boost for mainstream crypto adoption. In line with that goal, Block said Square Bitcoin is designed to help small businesses adapt to the growing use of Bitcoin in payments, describing the initiative as “Simplifying Bitcoin for Main Street.”
The firm had earlier revealed its intention to launch the service by 2026, a step that aligns with Block Inc.’s broader crypto roadmap and CEO Jack Dorsey’s long-held vision for Bitcoin. Dorsey had earlier added Bitcoin trading and payments features to Cash App, Block’s peer-to-peer payment platform, and has led initiatives to build an open-source Bitcoin mining system aimed at lowering energy costs.
Currently, Block Inc. ranks 13th among public Bitcoin holders, with 8,692 BTC recorded on its balance sheet, according to industry reports.
U.S. crypto payment use is projected to increase by 82% between 2024 and 2026
Cryptocurrency payments are gaining renewed attention as U.S. regulations become more supportive and digital assets gain broader legitimacy. According to research cited by Square from eMarketer, U.S. crypto payment use is forecast to jump 82% between 2024 and 2026.
A new YouGov poll also revealed that consumers in the U.S. and the U.K. are increasingly viewing payments as one of the primary practical uses for cryptocurrency. It also suggested that AI innovations could boost adoption as financial functions become integrated into emerging tools. It aligns with the broader industry shift toward AI agents conducting cryptocurrency transactions mainly via stablecoins. Google has introduced its new Agent Payments Protocol.
At the same time, PayPal is broadening its crypto payment features, now enabling users to transfer Bitcoin, Ether, and its dollar-backed stablecoin, PYUSD, directly between accounts.
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Source: https://www.cryptopolitan.com/dorseys-block-launches-bitcoin-wallet/
