Here's Why Square's Bitcoin Integration is a Big Deal
Square's adoption of Bitcoin could lead to Bitcoin use at Whole Foods and Starbucks. Although many Bitcoin enthusiasts have been looking for new merchants who are directly accepting the cryptocurrency in their local towns, it seems that a move from Square could end up being an even bigger deal. Square announced their integration with Bitcoin today on their blog, and they revealed a few details about how their new Bitcoin-enhanced system is going to work. Most online retailers are not going to notice much of a change, except for the fact that they could have a new crowd of Bitcoin customers....
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Square will acquire Australian fintech firm Afterpay in a $29 billion stock deal, expecting to close the transaction in Q1 2022. Jack Dorsey’s cryptocurrency-friendly digital payments firm Square is expanding competition with global payment giants like PayPal by acquiring a major Australian lending company.Square announced Sunday that the firm has entered into a scheme implementation deed to acquire all of the issued shares in fintech company Afterpay in a $29 billion deal. The transaction is based on the closing price of the Square common share and is expected to be paid in all stock in....
Square has indicated that it will send dollar payments from Coinbase bitcoin transactions directly to its merchants. San Francisco-based mobile point-of-sale (mPOS) giant Square sent a jolt of excitement through the bitcoin ecosystem when it announced that it would allow users to pay for goods and services with the digital currency via its online marketplace, Square Market. With a valuation of $5bn, Square is already a giant in the payments space despite its relative newcomer status. Founded in 2009, it's backed by millions in venture capital investment and a star executive, Twitter....
Starting today, sellers using Square payment system’s open market can accept Bitcoin through them. Accepting Bitcoin through them is dead simple. It generates a QR code upon starting the transaction, mobile wallets can scan the code, or input the payment data manually if using a hosted service. The payment is verified, and boom, you’re done. What does this mean for Square? Well, it pretty clearly shows that they understand Bitcoin is not a force they should ignore, and that accepting Bitcoin as a part of their storefront can only expand their sales. This also puts Stripe’s announcement....
“Maybe you don't simply get a 20X the value of the business, but could you two, three, four or five X the business? Absolutely,” said Anthony Pompliano. Morgan Creek Digital co-founder and Bitcoin proponent Anthony Pompliano thinks Square’s value could increase to $1 trillion following the firm’s acquisition of Afterpay. Square, headed up by CEO Jack Dorsey, this week announced its acquisition of the Australian buy now pay later (BNPL) business for $29 billion on the same day it reported $2.7B in Q2 revenue from Bitcoin sales on its Cash App.Pomp analysed the move on his “Best Business”....
Square is a new, modern way for business owners to accept credit cards. Long before I started this website, I was a tech reporter for another site I used to run and spoke to Square CEO (and also co-founder of Twitter) at length about this platform. It's pretty innovative, and for a bitcoin enthusiast, it's seemingly been missing one thing: bitcoin integration. According to an article published earlier this month by CBC News, that could very well be in the works. Speaking at length on the topic of Apple Pay - Apple's newly-announced payments system that makes use of near-field....