Block Inc. (formerly Square) has begun onboarding customers to accept Bitcoin payments using the Lightning Network directly within its Square point-of-sale systems.
This integration aims to enhance scalability for everyday commerce transactions and significantly lowers barriers for merchants seeking to adopt Bitcoin payments by embedding the functionality into existing Square infrastructure.
The announcement contributed to a notable 14% surge in Block’s share price, reflecting positive market sentiment towards the company’s strategic push into cryptocurrency despite ongoing Bitcoin price volatility.
Block CEO Jack Dorsey, a vocal advocate for Bitcoin, champions its potential as a global payment system, aligning the company’s initiative with broader decentralized financial goals.
The move occurs against a backdrop of positive momentum for Bitcoin, which has seen a 26% increase year-to-date, further supporting Block’s focus on expanding cryptocurrency utility.