Block is making a major move in mainstream crypto adoption by rolling out real-time bitcoin payments through its Square point-of-sale (POS) systems. Set to launch later this year, the feature utilizes the Lightning Network to enable near-instant bitcoin transactions at the checkout counter, offering merchants a faster, lower-cost payment alternative.
The system allows customers to scan a QR code directly on Square terminals, while real-time exchange rate calculations and confirmation messages are seamlessly handled in the background. This Bitcoin For Businesses initiative builds upon the company’s Bitcoin Conversions tool launched earlier in 2024, which lets eligible merchants automatically convert portions of their daily sales into bitcoin.
Miles Suter, bitcoin product lead at Block, described the development as a win for small businesses: “When a coffee shop or retail store can accept bitcoin through Square, small businesses get paid faster and keep more of their revenue. This is about economic empowerment for merchants who like to have options when it comes to accepting payments.”
This move aligns with the broader crypto-forward strategy of Block founder Jack Dorsey, a long-time bitcoin advocate. Under Dorsey’s leadership, Block has steadily expanded its crypto offerings, including bitcoin trading in Cash App, the Bitkey self-custody wallet, and the Proto line of bitcoin mining tools and services. With Square now offering native bitcoin payments, Block is reinforcing its ambition to lead in the intersection of payments and crypto infrastructure.