- Square expands Bitcoin payments globally, focusing first on the US.
- No merchant fee until 2027 for Bitcoin transactions.
- Square integrates Bitcoin using the Lightning Network.
The initiative aims to enhance Bitcoin’s accessibility similar to traditional payments, leveraging the Lightning Network, boosting merchant adoption, and encouraging businesses to hold Bitcoin in their treasury.
Square, under the leadership of Jack Dorsey, has announced an expansion of Bitcoin payment acceptance for its 4 million merchants. This initiative plans to leverage the Bitcoin Lightning Network to facilitate fast and low-cost transactions worldwide.
Jack Dorsey, a prominent Bitcoin advocate, confirmed the expansion will initially target the US market with a global rollout scheduled by 2026. The initiative aims to align Bitcoin accessibility with traditional payments, utilizing Square’s platform.
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The immediate effect is enhanced accessibility for small businesses using Square. Merchants can settle payments in BTC or fiat currency, potentially transforming Bitcoin into a mainstream transaction method. “Our sellers can now receive btc to btc, btc to fiat, fiat to btc, or fiat to fiat,” said Jack Dorsey, Chairman of Block. There will be no processing fees for merchants until 2027.
This change represents a shift in financial and market dynamics, supporting Bitcoin as a treasury asset for businesses. Square’s monthly Bitcoin purchases also contribute to its growing influence in the cryptocurrency space.
Currently, the expansion involves only Bitcoin, without broader implications for assets like ETH or altcoins. This focus uses the Bitcoin Lightning Network for the rollout. Future implications could include more widespread Bitcoin adoption among businesses, possibly influencing regulatory perspectives. Historical patterns show consistent small business adoption of Bitcoin through Square’s prior pilots.
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