Jack Dorsey's Square Automatically Enables Bitcoin Payments for Millions of Sellers
Block's Square payments platform has switched from an opt-in to an opt-out model for Bitcoin payments, automatically enabling the feature for eligible U.S. merchants. This rollout, affecting around 4 million sellers, means merchants can now accept Bitcoin with no added fees, and will automatically receive settlement in USD. Merchants can opt out or adjust their settings if they do not wish to accept Bitcoin. The move aims to expand mainstream Bitcoin payment adoption and marks a significant change in cryptocurrency integration for payment processing. Square first launched Bitcoin payments for sellers in November, but previously required manual activation. This change aligns with CEO Jack Dorsey's strong support for Bitcoin and follows various company Bitcoin initiatives, including Cash App BTC support and hardware wallets. Block recently reduced its workforce by 40% to streamline operations and focus on efficiency and AI tools. Block's stock has seen a slight uptick following the announcement.
