Block’s financial payment service Square, which specializes in serving businesses, will allow merchants to transfer 1-10% of their daily sales into their Cash App accounts and conveniently convert it into Bitcoin, potentially bringing in more incremental funds in the future.
Block, which owns the cryptocurrency financial payment service Square and the mobile payment application Cash App, announced a new plan yesterday (24th), allowing merchants using Square services to transfer 1-10% of their daily sales into their Cash App accounts and convert it into Bitcoin.
Image Source: Block
Block: Many Square merchants are interested in Bitcoin
Block explained that Bitcoin is an economic empowerment tool, and many merchants using Square services are interested in Bitcoin. Block also added that this feature will be officially launched in the United States from the announcement and will be open to all sole proprietors or single-member limited liability companies in the coming months. Sellers can transfer 1-10% of their daily sales to their personal Cash App accounts or send Bitcoin to other wallets at any time, with Block charging a 1% fee for each conversion by the seller.
How much funds will flow into Bitcoin?
According to Block’s 2023 Q4 financial report announced in February this year, Square’s total payment volume (GPV) is $53.5 billion. If every merchant uses 10% of their payment amount to purchase Bitcoin, there will be approximately $20 billion in funds flowing into BTC in that year. It is worth our continuous attention to see how much entry capital it will bring in the future.
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