Square Launches Enterprise-Focused Bitcoin Wallet Solution
Square’s new Bitcoin payment and wallet product offers zero fees for merchants accepting Bitcoin, aimed at simplifying crypto adoption for small and medium-sized businesses.
BTC
Fact Check
The evidence confirms that Square has launched an enterprise-focused Bitcoin wallet solution. A 2018 blog post from Square's own developer team (Source 6) details the open-sourcing of 'Subzero,' which it explicitly calls an 'enterprise offline Bitcoin wallet.' Additionally, other sources (2 and 9) corroborate that Square has created Bitcoin payment and wallet solutions specifically 'built for local businesses of all sizes.' While the parent company, Block, more recently launched a consumer-focused wallet named Bitkey, this does not contradict the fact that Square previously released an enterprise solution.
Summary
Square, Block’s payments arm, introduced a new Bitcoin payment and wallet solution designed for small businesses. Starting November 10, merchants using Square’s point-of-sale system can accept Bitcoin payments with no fees for the first year and convert up to 50% of daily sales into Bitcoin. The offering aims to simplify Bitcoin adoption for everyday businesses.
Terms & Concepts
- Bitcoin Payments: Transactions made using Bitcoin as a medium of exchange for goods or services.
- Bitcoin Wallet: A digital tool that allows users to store, send, and receive Bitcoin securely.
- Square Bitcoin: A suite of tools launched by Square enabling businesses to accept, convert, and manage Bitcoin payments within its platform.