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Square’s new Bitcoin payments may redefine how merchants accept money online with faster settlement, lower costs and greater financial control.
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Square News
Square, Inc. is a financial services and mobile payment company founded in 2009 by Twitter developers Jack Dorsey and Jim McKelvey and is headquartered in San Francisco, California. Square has various products for businesses and individuals. The most noticeable of them are Square Cash and Square Point of Sale (Square POS). The Square Cash app is a mobile payment service application that has recorded 7 million active users in February 2018. Square Cash enables fiat transactions to bank accounts and debit cards. Square Cash also offers Bitcoin purchases and transfer to other users. Square POS is an application for inventory management and business analytics. Square is available in Canada, Australia, the U.K., the U.S. and Japan. It has a strong financial performance and rates of growth, gradually expanding and acquiring new businesses.
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X users have already reported using the new Bitcoin payment feature at coffee shops across the United States.
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Block Inc.’s third-quarter earnings missed analyst expectations on the top and bottom lines despite strong profit growth in its Cash App and Square businesses.
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Square’s new Bitcoin service lets US merchants accept BTC at checkout, hold it in a built-in wallet and get zero fees on transactions.
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ARK Invest’s latest Block purchase is its first in months, signaling a potential shift in the company’s investment strategy.
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Block, Inc. is rolling out Bitcoin payments on Square, and merchants will be able to hold the Bitcoin, or auto-convert it to fiat in real-time.
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Seán Murray claims Bitcoin’s first transaction was made on Jack Dorsey’s mother’s birthday while Satoshi mined their last block on Dorsey’s father’s birthday.
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Block missed its revenue estimates for Q3 and said it is “winding down” its DeFi operations to shift money into its Bitcoin mining and wallet businesses.
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Jack Dorsey’s Bitcoin-friendly financial services firm Block saw its stock rally 13% in October, in line with bullish market action.
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“I do think it hits that number and goes beyond,” said the Twitter co-founder on his million-dollar Bitcoin prediction.
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Fitch Ratings notes that Block has used convertible debt for external funding since its IPO and is well-positioned to exploit the growth in payments and consumer financial services.
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Block co-founder Jack Dorsey told shareholders of its Bitcoin-buying plan, saying it’s an “investment in a future where economic empowerment is the norm.”
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Block’s first-quarter 2024 results beat Wall Street analyst estimates on earnings and revenue which saw its share price surge after the bell.
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U.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups.
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Block gets 1% of every conversion.
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