Block Inc. (NYSE: XYZ), the fintech firm led by Jack Dorsey, has begun onboarding sellers to its new Bitcoin payment system through its payments subsidiary Square. This announcement comes just as the company makes its debut on the S&P 500 index.
Block price is currently at $79.70, closed up 0.5% on July 24, extending a rally that has seen the stock climb over 14% in the past week. Its entry into the S&P marks a significant milestone, as it has steadily positioned itself as a major player in Bitcoin adoption.
Owen Jennings, Block’s Head of Business, announced on X, “Today we’re onboarding our first few @Square sellers for the new native bitcoin acceptance experience. This is the way!”
First introduced in May, the service utilizes Bitcoin’s Lightning Network to facilitate near-instant, low-cost transactions. This allows businesses using Square’s point-of-sale systems to accept Bitcoin directly through their existing hardware.
Square will leverage Lightning, the layer 2 network for Bitcoin, enabling businesses to accept BTC from customers who choose to pay with it. Lightning makes transactions quicker and less expensive, allowing the cryptocurrency to be utilized for smaller purchases.
Jack Dorsey, a vocal Bitcoin advocate and self-described Bitcoin maximalist, stepped down as CEO of Twitter in 2021 to focus on building Bitcoin-centric solutions through Block. Under his leadership, the company has increasingly focused on making Bitcoin more usable for everyday payments.
After rising more than 14% in the last week, shares of the NYSE-listed business, which owns Square, Cash App, and TIDAL, closed up 0.5%.
Cash App, another Block-owned platform, has long allowed users to buy, send, and receive Bitcoin. This latest move deepens the company’s commitment to integrating cryptocurrency into mainstream business. Block did not immediately respond to media inquiries regarding the rollout.
Also Read: KeyBank to Launch Bitcoin Trading and Custody for Customers
