Jack Dorsey Says Block Will Allow Square Sellers To Auto Convert A Percent Of Daily Sales To Bitcoin
Portfolio Pulse from Benzinga Neuro
Block Inc's CEO, Jack Dorsey, announced a new feature for Square merchants to automatically convert a percentage of their daily sales into Bitcoin. This feature, available in the U.S., allows conversions from 1-10% of sales into Bitcoin via the Cash App, with Block taking a 1% fee. The move expands Block's cryptocurrency offerings, following the launch of its Bitcoin wallet, Bitkey. However, this announcement follows a 10% workforce reduction at Block in January 2024.
April 25, 2024 | 2:30 am
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Block Inc introduces a feature for Square merchants to convert sales to Bitcoin, aiming to enhance its cryptocurrency services despite recent layoffs.
The introduction of a feature allowing Square merchants to convert a portion of their sales to Bitcoin could attract more merchants to the platform, potentially increasing Block's revenue from transaction fees. However, the recent layoffs might raise concerns about the company's financial health and operational efficiency, which could temper investor enthusiasm in the short term.
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