Jack Dorsey, co-founder of Twitter and chief executive of payments firm Block, has unveiled a new product designed to help small businesses accept and hold bitcoin as an alternative to traditional card payments.
The new Square bitcoin wallet will enable US retailers using the company’s sales platform to convert a portion of their daily revenue into bitcoin automatically, with no transaction fees until 2027.
From this week, sellers on Square’s bitcoin network can opt to auto-convert part of their daily card takings into bitcoin, while from 10 November they will be able to accept bitcoin payments directly and convert up to 50% of daily sales into the cryptocurrency.
After 1 January 2027, Block plans to introduce a 1% processing fee per bitcoin transaction. The feature will initially be available only in the United States, excluding New York, which has tighter digital currency regulations.
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