Block is driving bitcoin adoption in payments through Square.
Payments company Square has started onboarding its first sellers to a new native bitcoin payment system.
Owen Jennings, Executive Officer and Business Lead at Block, the parent company of Square, confirmed the move on X on July 22.
Built on bitcoin’s Lightning Network, this integration aims to enable faster and cheaper transactions than those processed directly on the bitcoin blockchain. Customers will be able to scan QR codes at checkout to complete bitcoin payments seamlessly.
This bitcoin payment system is currently being rolled out to select sellers in the US, with a full launch expected later this year to expand availability.
This new feature builds upon Square’s existing Bitcoin Conversions service, launched in 2024, which automatically converts daily sales into bitcoin for qualified merchants.
The Lightning Network processes transactions, while Square manages exchange rates and payment confirmations. Merchants are given the choice to keep bitcoin received as payment or convert it immediately to dollars, adding a layer of protection from bitcoin’s price volatility.
Additionally, Square says payments settle within minutes and come with lower fees than traditional credit card transactions, which can translate to significant savings for businesses on every sale.
“Block has long been a champion of bitcoin, focused on making it more accessible and usable in our everyday lives,” said Miles Suter, Bitcoin Product Lead at Block, in May.
“Rolling out a native bitcoin experience to millions of sellers brings us one step closer to that goal. When a coffee shop or retail store can accept bitcoin through Square, small businesses get paid faster, and get to keep more of their revenue. This is about economic empowerment for merchants who like to have options when it comes to accepting payments.”
Block’s bitcoin mission
As noted by Suter, this move is part of a wider initiative within the Block Inc ecosystem to embed bitcoin more deeply into everyday financial activities.
On July 18, Block shared its vision on the origins and purpose of bitcoin, emphasising its design as a peer-to-peer electronic cash system, which is focused on open access, speed, low cost and freedom from centralised control.
Block is actively building toward a future where bitcoin functions not just as a store of value but as a practical daily method for spending, buying, selling and sending. This includes investments in bitcoin mining, self-custody tools and applications that lower barriers for small businesses and everyday users.
Block has also stressed the need for clear, modern regulatory frameworks to support bitcoin’s growth.
It has advocated for federal licensing clarity by harmonising laws to reduce legal uncertainty and foster innovation, distinguishing bitcoin as a digital commodity regulated by the CFTC rather than the SEC.
The company also supports protection for core infrastructure providers, ensuring non-custodial participants like miners and wallet providers are not burdened by regulations meant for custodial intermediaries.
Additionally, it promotes simplified bitcoin taxation by backing a de minimis exemption for small-dollar bitcoin transactions, encouraging everyday use without the complexity of capital gains taxes.
“We believe in an open, decentralised, fair, fast, and low-cost money system for everyone, and that’s exactly what we want to bring to Square sellers,” said Suter.
