Bitcoin for Small Businesses? Jack Dorsey’s Block Says Yes

Jack Dorsey, the CEO of Block, Inc., a provider of mining hardware, is actively promoting Bitcoin adoption. After increasing its holdings by 108 BTC in Q2, roughly $12.6 million, the company is deepening its commitment to Bitcoin via various subsidiaries. The fintech company has introduced a set of BTC banking tools for small businesses that aspire to grow accessibility and efficiency. 

Block Expands Bitcoin Treasury

Block currently holds 8,584 BTC at an average purchase, valued at almost $1 billion, positioning itself among the top public corporate holders of Bitcoin. It is expanding its Bitcoin treasury through Cash App, Square, and Bitkey. 

Square is its most famous subsidiary, which deals with payment terminal technology, leveraging the Lightning Network for instant, low-fee transactions. Merchants can choose to hold bitcoin or instantly convert it into fiat currency. 

In an interview with Bitcoin Magazine, Miles Suter, product lead at Block, stated, “We think Bitcoin achieves its ultimate destiny when it’s being used as everyday money. Just like Satoshi intended. I think that Bitcoin, as a global financial infrastructure that everyone can access, lets companies like Block operate in a much more global manner.”

“And I think that payments are essential to maintaining the core properties that make Bitcoin unique and ultimately will make it win in the long run,” he added. 

Cash App and Bitkey Advance Bitcoin Adoption

Cash App integrates the Lightning Network for faster Bitcoin transfers while Bitkey introduces a self-custody Bitcoin hardware wallet for everyday consumers. Suter said, “We’re super excited about Lightning’s role in making Bitcoin everyday money.”

Bitley, a self-custody wallet product, is designed to democratize Bitcoin security, offering straightforward management for non-technical users. It also removes reliance on third-party custodians. 

Decentralized Finance in Block

The integration of Bitcoin into Square’s ecosystem and blockchain-based technology into traditional finance is a part of a broader industry trend. It shows Block’s support in growing interest in decentralized finance, particularly for businesses that seek more transparent and cost-effective alternatives to conventional banking.