Block, Inc., the company founded by Jack Dorsey, has confirmed the launch of a highly anticipated Bitcoin payment option for its Square merchants. Unveiled during the Bitcoin 2025 conference held in Las Vegas on May 27, this feature is set to revolutionize the payment landscape for nearly 4 million Square merchants.
The rollout of the Bitcoin payments feature is expected to commence in the second half of 2025, with full accessibility anticipated by 2026, contingent on regulatory approvals. This new payment method will enable merchants using Square hardware to accept Bitcoin transactions seamlessly through the Lightning Network, a cutting-edge layer-2 protocol that facilitates faster and more cost-effective microtransactions.
How It Works:
- Merchants can accept payments via a simple QR code scan.
- The Square backend will manage real-time exchange rate calculations.
- Settlement will occur almost instantly.
- Merchants have the option to receive Bitcoin directly or have it converted into fiat currency automatically at the point of sale.
This innovative feature is an extension of Square’s existing Bitcoin Conversion tool, launched in 2024, which allows sellers to allocate a portion of their sales to Bitcoin seamlessly. According to Miles Suter, the Bitcoin Product Lead at Block, this new capability represents a significant advancement toward realizing Bitcoin’s original vision as a peer-to-peer payment system.
“Rolling out a native bitcoin experience to millions of sellers brings us one step closer to that goal,” Suter remarked, emphasizing the aim to enhance revenue control and expedite payment processes for small businesses. He further stated, “We believe in an open, decentralized, fair, fast, and low-cost money system for everyone, and that’s exactly what we want to bring to Square sellers.”
The introduction of Bitcoin payments aligns with Dorsey’s vision to transition Bitcoin from merely a store of value to a functional payment medium. It enhances the ongoing efforts of Block to incorporate Bitcoin into the daily financial fabric, threading seamlessly with other initiatives such as the self-custody wallet Bitkey, decentralized mining project Proto, and the collaborative efforts of Cash App to promote retail Bitcoin adoption.
Despite the promising developments, Block has faced challenges; in early 2024, the company announced significant layoffs, losing approximately 1,931 employees due to underwhelming Q4 2023 earnings. Nonetheless, there exists optimism surrounding the upcoming Bitcoin payments, which could disproportionately benefit small businesses in a fast-paced digital economy.
As the launch date approaches, both merchants and customers are advised to prepare for this shift, which could change the dynamics of digital currency transactions significantly.
