Fintech company Block Inc. (NYSE:XYZ) said it will integrate Bitcoin (CRYPTO: BTC) into its Square point-of-sale system, enabling merchants to accept and stack the cryptocurrency from their daily sales.
XYZ shares are consolidating after recent moves. Watch the momentum here.
Square Embraces Bitcoin
Sellers using the Square Bitcoin solution can accept BTC payments with no processing fees until 2027, according to a press statement. Moreover, a Conversion feature will let them convert a portion of card sales into the apex cryptocurrency.
The company also teased a native wallet that will allow merchants to manage their BTC holdings, complete with buy, sell, hold, and withdrawal features.
The Conversions feature is available to U.S.-based merchants except in New York State, while Bitcoin Payments will be enabled by Nov. 10.
Block co-founder and CEO Jack Dorsey was thrilled with the new feature, commenting, “Boom” in an X post.
See Also: Jack Dorsey Once Said People Unknowingly Work For Social Media, AI Companies For ‘Free’ And They ‘Will Be Replaced’ — Bitcoin Offers a Different Model
Block Doubles Down On Bitcoin
The latest tools on Square are part of Block’s expanding Bitcoin-centric ecosystem, which includes Cash App’s BTC buy, sell, and transfer capabilities, self-custody BTC wallet Bitkey and Proto, a suite of BTC mining products and services.
These efforts are consistent with Dorsey’s consistent advocacy of Bitcoin as a daily transactional currency rather than a store of value.
The company holds 8,692 BTC on its balance sheet, worth over $1 billion, according to bitcointreasuries.net.
Price Action: At the time of writing, BTC was exchanging hands at $121,528.29, up 0.78% in the last 24 hours, according to data from Benzinga Pro.
Block shares were up 0.14% in pre-market trading after closing 2.64% higher at $81.11 during Wednesday’s regular trading session. The stock closed at a nearly 8-month high.
Benzinga’s proprietary Edge Rankings show Growth as the strongest category for the stock at 96.38/100. To see how it ranks for Value, Growth and Momentum, click here.
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