Square Enables Bitcoin Payments With Lightning Network

Square, a Block Inc. company, has launched Bitcoin payment support for its global merchant network, enabling real-time conversions between BTC and fiat currencies. The update, confirmed by Jack Dorsey on X on November 10, allows sellers to receive payments in various combinations: BTC-to-BTC, BTC-to-fiat, fiat-to-BTC, or fiat-to-fiat.

The integration with the Lightning Network significantly reduces transaction latency and processing costs, allowing for near-instant settlement of Bitcoin payments. Square’s Bitcoin lightning payments will be compatible with debit cards, credit cards, and crypto wallets.

Merchants now have the option to settle earnings in BTC or instantly convert them to US dollars or other fiat currencies, providing flexibility in managing funds.

Block Inc. (NYSE: SQ) shares rose 1.74% to $66.56 following the announcement, valuing the company at approximately $39.8 billion.

Previously, on October 31, Square provided $50 rewards to the first 20,000 US sellers to incentivize adoption of its Bitcoin Conversations feature.

Elsewhere in the crypto space, the presale for Best Wallet (BEST) has reached $16.9 million, with early participants having less than 48 hours to secure tokens at $0.027.

Best Wallet offers secure storage, staking rewards, and integrated multi-chain access, combining self-custody and passive income opportunities. Ibrahim Ajibade, a research analyst with a background in Web3 and finance, contributed to this report.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.