BlockA global technology company focused on financial The launch of Bitcoin Conversions by services has been announced. It allows for millions of users to easily convert their bitcoins into other currencies. Square Sellers can convert a portion of their daily revenue to Bitcoin by using Cash App. This is according to an official press release that was sent to Bitcoin Magazine.
Cash App and Square have partnered to allow eligible Square sellers to transfer between 1-10% from their Square account daily sales to their Cash App personal account. At the end of every day, the funds will be used to acquire bitcoin. The sellers can then manage, store, sell and send their BTC according to their own preferences. The fee is a flat, transparent 1% for each transaction.
Block said that Bitcoin was a powerful tool to empower the global economy, and that Bitcoin enabled participation in an electronic monetary system. Square’s direct feedback indicates that Bitcoin is a popular choice for a variety of use cases. These include long-term saving and diversification.
Block has a broader strategy of integrating Bitcoin in various ecosystems. This initiative provides new ways for sellers to interact with Bitcoin, as well as developers and individuals. It builds upon previous integrations of Square with Cash App to offer additional value and efficiency for Block ecosystem participants.
According to the press release, Bitcoin Conversions will be available for eligible single-member LLCs and sole proprietors across the U.S. A gradual rollout is planned in the next few months to include all sellers (excluding those in New York State).
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Source: bitcoinmagazine.com
