Block gets 1% of every conversion.
Jack Dorsey’s fintech firm, Block, recently announced that it was integrating a new feature for Square merchants that would allow them to allocate a portion of their daily sales to Bitcoin, with on-demand payouts via CashApp.
Qualified merchants in the U.S. can currently allocate between 1% and 10% of their daily sales to Bitcoin (BTC). According to a TechCrunch article, the fiat funds are collected until the end of the day, at which point they’re converted to Bitcoin and deposited into the user’s Cash App account. Merchants will be required to pay a 1% fee on each conversion.
In a statement, Square said this move will empower small businesses and individual proprietors to participate in the global financial economy:
