Square, the payment services arm of Block (XYZ), has launched a new set of tools aimed at creating bitcoins. easier to use for small businesses by allowing sellers to accept crypto payments and manage their digital assets alongside traditional finance, the company announced Wednesday.
The offering, called Square Bitcoin, includes three main features: bitcoin payments, automatic bitcoin conversions from card sales, and a native bitcoin wallet built into Square’s seller platform. Sellers will be able to accept bitcoins without processing fees for the first year and choose to convert up to 50% of their daily sales into bitcoins automatically. The tools are available to eligible US businesses and bitcoin payments will roll out on November 10.
The ad reflects a broader trend. Crypto payments in the US are expected to grow by 82% between 2024 and 2026, according to data cited in the statement. But until now, access to bitcoin has mainly focused on investors or tech-savvy people. Square’s move aims to bring that access to Main Street.
In practice, the tools could allow a local coffee shop to accept a bitcoin payment from a customer using a phone wallet, convert half of the day’s sales into bitcoin automatically, and review all of their finances on the same dashboard they use to manage inventory and payroll. According to Square, 142 bitcoins have already been accumulated through early use of the conversion feature, which was first tested in 2024.
By adding bitcoin to its existing banking and payments ecosystem, Square, a subsidiary of Block (SQ), is seeking to lower the barrier to entry for small businesses to participate in the crypto economy. It’s also a continuation of Block’s long-standing focus on bitcoin, spanning retail tools like Cash App and hardware initiatives like its Bitkey wallet and Proto mining products.
Miles Suter, head of bitcoin products at Block, said the tools are designed to help sellers “never miss a sale” while giving them access to financial tools that have typically been out of reach.
“We are making bitcoin payments as seamless as card payments,” he said in a statement.
