Square Leverages Bitcoin Lightning Network by 2026
Square, headed by Jack Dorsey, has launched its long-anticipated Bitcoin payments solution for retailers. This strategic move leverages the Bitcoin Lightning Network, planning a full rollout by 2026, with initial merchant onboarding already underway.
The initiative involves Square's integration of Bitcoin payments into its services, allowing merchants the option to keep Bitcoin or convert to fiat. Jack Dorsey's leadership underscores the company’s commitment to increasing Bitcoin's utility among retailers.
Merchants Save on Payment Processing Costs
The rollout impacts merchants by reducing payment costs, which are usually lower than credit card fees. Businesses report savings and enhanced payment processing efficiency, signaling a positive shift in merchant operations.
Socially and financially, this initiative may encourage Bitcoin adoption in retail sectors and influence broader cryptocurrency payment systems globally. The potential market shift could also impact related financial sectors and regulations.
Square’s Bitcoin Legacy Compared to Cash App
Square’s move is reminiscent of its earlier Bitcoin-to-fiat conversion features and the Bitcoin trading integration in Cash App. Past initiatives have inspired similar payment technology investments across industries.
Based on historical adoption trends, experts suggest the initiative could promote wider Bitcoin use and economic shifts. The ongoing BTC treasury growth by Block indicates a strong market position, pushing similar adaptation trends in other sectors.