Square, led by Jack Dorsey, has announced the launch of Bitcoin payment services for a select group of merchants. This is a significant step in the company's strategy to integrate cryptocurrency into traditional financial operations.
Launch of Bitcoin Payment Services
According to Jack Dorsey, Square began offering Bitcoin payment services on July 23, using the Lightning Network for fast and low-cost transactions. Merchants have the option to either hold Bitcoin or instantly convert it to fiat currency.
Market Impact and Merchant Flexibility
This initiative may drive increased adoption of Bitcoin for everyday transactions. The ability for businesses to choose between holding Bitcoin and converting it supports economic empowerment. This view was expressed by Miles Suter, Block's Bitcoin Product Lead.
Historical Context and Bitcoin Market
The integration of Bitcoin payments builds upon Square's conversion feature introduced in 2021. As of now, Bitcoin is valued at $120,036.86 with a market capitalization of $2.39 trillion and a market dominance of 60.07%. In the past 24 hours, its trading volume reached $79.12 billion, with a price increase of 2.22%. Research suggests that such integration could positively influence the investment climate regarding cryptocurrencies.
The launch of Bitcoin payment services by Square marks a significant event in the integration of cryptocurrency into business. It may lead to regulatory changes and increased interest in cryptocurrencies as a tool for businesses.