Jack Dorsey’s Block Launches Bitcoin Wallet for Over 4M Merchants

Jack Dorsey’s company, Block (formerly Square), has introduced a new Bitcoin wallet and payment feature for merchants using its Square platform. The move will allow businesses around the world to accept, store, and manage Bitcoin (BTC) directly through their Square accounts.

The new feature makes it possible for merchants to receive Bitcoin payments at checkout using the same point-of-sale machines they already use for card or digital transactions. Block says Bitcoin processing fees will be waived for one year to help merchants test the system. After the free period, a 1% transaction fee will apply starting in 2027.

In May, Block hinted that it would start to accept bitcoin payments on Square in the second half of this year. It added that it would leverage the Lightning Network to facilitate fast transactions. The announcement at the time also stated that all eligible Square sellers, numbering over four million, would be able to access the service in 2026.

Bitcoin Payments for Businesses

The integrated Bitcoin wallet will let sellers do more than just accept payments. They will also be able to buy, sell, hold, or withdraw BTC directly from their Square dashboard. This eliminates the need for third-party apps or crypto exchanges, keeping everything in one place.

Previously, Square allowed merchants to convert only a small portion of their daily sales into BTC, between 1% and 10%. With the new update, that limit has been raised to 50%. Sellers can also choose whether to keep their bitcoin or instantly convert it into regular currency like the United States dollars to avoid price fluctuations.

When a customer chooses to pay with bitcoin, they simply scan a QR code at checkout. The system automatically handles exchange rates and confirms the transaction within seconds, making the process as simple as any digital payment.

The latest move to expand its exposure to BTC could potentially enable Block to recover from expenses involving its recent legal cases.

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