Block has launched encryption solutions aimed at small and medium-sized enterprises, and its subsidiary Square has introduced Bitcoin payment and integrated Wallet features.

Jack Dorsey's payment company Block announced on Wednesday that its Square payment system will launch a new Bitcoin payment solution and encryption integrated wallet feature for small and medium-sized enterprises.

This initiative is seen as a key step for the company in promoting Bitcoin into the realm of everyday commerce, and a concrete practice of Dorsey's vision of "Bitcoin as a daily currency."

According to the official statement released by Block, starting this Wednesday, merchants using the Square Bitcoin network will be able to convert the funds received into Bitcoin for free and manage them directly using the built-in Wallet.

Starting from November 10, Square merchants will officially be able to accept Bitcoin payments and can automatically convert up to 50% of their daily sales revenue into Bitcoin. This phased implementation plan aims to provide merchants with a smooth transition experience.

Miles Suter, the product head of Block Bitcoin, stated that the new product will make #Bitcoin payments as convenient as credit card payments, while also allowing small and medium-sized enterprises to utilize advanced financial management tools that were previously only available to large enterprises.

He further emphasized that Square's unique advantage lies in its ability to drive Bitcoin from a mere store of value to a medium of daily transactions, while also helping merchants prepare the technological reserves for the future development of their businesses.

The market has responded positively to this innovative initiative. According to Yahoo Finance, shares of Block (XYZ), listed on the New York Stock Exchange, closed up 2.6% on Wednesday.

It is worth noting that this is not Block's first foray into the Bitcoin space. The company's Cash App has long offered Bitcoin-related services and launched the encryption hardware Wallet Bitkey last year.

In addition, Block has also ventured into the Bitcoin mining field, previously releasing a new mining device designed with interchangeable parts, aimed at reducing operational costs for miners.

Jack Dorsey, as the founder of Twitter (now X), has fully promoted Bitcoin as a medium for everyday transactions after leaving the social media platform.

Square's new feature is a practical implementation of Dorsey's vision for Bitcoin's everyday transactions and marks a significant step forward for Block in building a complete Bitcoin ecosystem.

#Block