Square Enables Bitcoin Payments Via Lightning Network

Square, a Block Inc. company, has launched Bitcoin payment support for its global network of merchants, enabling real-time conversions between BTC and fiat currencies. The update allows sellers to receive payments in BTC-to-BTC, BTC-to-fiat, fiat-to-BTC, or fiat-to-fiat formats.

Jack Dorsey, co-founder and Bitcoin advocate, confirmed the integration via a post on X on Monday. The move facilitates live transactions across both Bitcoin and traditional payment rails.

Key to the system’s functionality is the integration with the Lightning Network. This significantly reduces transaction latency and processing costs, enabling near-instant settlement of Bitcoin payments. The feature is compatible with bank-issued debit and credit cards, as well as crypto wallets.

Merchants have the flexibility to switch settlement options, choosing to hold earnings in BTC or instantly convert them to US dollars or other fiat currencies.

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 1, Square provided $50 rewards to the first 20,000 US merchants to encourage adoption of its Bitcoin Conversations feature, fostering crypto-focused social interactions.

As Bitcoin adoption expands through platforms like Square, early-stage projects like Best Wallet (BEST) are attracting investment. Best Wallet, offering secure storage, staking rewards, and multi-chain access, has already raised $16.9 million in its presale.

The presale offers participants the opportunity to secure BEST tokens at $0.027 before the next price tier unlocks.

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.