Jack Dorsey, co-founder and CEO of Block Inc. (NYSE:XYZ), on Monday encouraged merchants using the company's Square platform to test Bitcoin (CRYPTO: BTC) payments.
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‘Exciting’ Unlock For Square Sellers
Dorsey took to X, saying, "Help us turn your local square seller onto Bitcoin," continuing on an ongoing discussion over the point-of-sale system’s Bitcoin payment initiative.
Dorsey quoted a post from Aaron Hammer, senior software engineer at Square, who invited Square merchants for early access to test out the payment functionality.
"It's an extremely exciting unlock for our sellers with a focused and world class team behind it," Hammer said.
The functionality was currently in the final stages of testing and on track, according to an X user identifying as Block's Bitcoin Design Lead.
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Dorsey’s Vision Of Bitcoin As Currency
Block announced in May that it would launch Bitcoin payments on Square by leveraging the Lightning Network. The company said the rollout would likely commence in the second half of 2025 and reach all eligible Square merchants by 2026.
The effort was consistent with Dorsey's consistent advocacy of Bitcoin as a daily transactional currency rather than a store of value.
Earlier in April, he asserted that Bitcoin would become “irrelevant” if it didn’t transition to payments and find that everyday use case. He has cited the Satoshi Nakamoto-authored Bitcoin whitepaper, which describes Bitcoin as a “peer-to-peer electronic cash system,” as a basis of his argument.
Price Action: At the time of writing, BTC was exchanging hands at $115,364, down 0.68% in the last 24 hours, according to data from Benzinga Pro.
Block shares were up 0.58% in pre-market trading after closing 2.42% higher at $74.63 during Monday’s regular trading session.
The stock exhibited a very high growth score — a measure of the stock's combined historical expansion in earnings and revenue across multiple periods. How does it compare with Coinbase Global Inc. (NASDAQ:COIN) and other cryptocurrency-linked stocks? Visit Benzinga Edge Stock Rankings to find out.
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