Market News

Bitcoin Payments Empower Merchants as Block Surges 10% After S&P 500 Inclusion

Payments platform Square, under the parent company Block, has announced the integration of Bitcoin (BTC) as a payment option for merchants.

This announcement comes as Block's stock saw a significant 10% increase following its recent addition to the S&P 500 index.

Owen Jennings, CEO of Block, highlighted that the onboarding of initial Square merchants is already underway.

He emphasized the importance of this new Bitcoin acceptance feature, stating, "This is the way!"

First mentioned back in May, the rollout will allow customers to pay with Bitcoin using a simple QR code scanning process.

Miles Suter, Block's Bitcoin product lead, noted that this initiative would enhance the economic empowerment of merchants.

By accepting BTC, small businesses can benefit from faster transactions and retain more of their revenue.

Block has positioned itself as a strong advocate for Bitcoin, aiming to make it more usable in everyday transactions.

With its stock price rising to $79.50, up from $66 in mid-July, Block is clearly on a growth trajectory.

The company’s commitment to integrating Bitcoin payment options is a significant step toward advancing cryptocurrency's role in mainstream commerce.