Some Square Users Can Now Convert Their Dollars to Bitcoin Via Cash App
Summary
Block (SQ) is integrating its platforms Square and CashApp to allow retail stores to automatically convert a portion of their sales into bitcoin. The new tool, Bitcoin Conversions, will be available to sole proprietors and single member LLCs initially. Market research showed demand for this service among Square sellers. Block will charge a 1% conversion fee for the service. CashApp is becoming the focal point of Block's Bitcoin-related efforts. Last year, Block's CashApp business earned a total profit of $1.18 billion, while Square generated a gross profit of $828 million. Block held approximately 8,038 BTC (worth $531 million) at the end of December.
