Investing.com -- Block Inc (NYSE:SQ) shares climbed 5.3% following the announcement that the company is set to launch bitcoin payments on its Square platform. The development marks a significant step in broadening the accessibility and utility of bitcoin as a payment method. Block’s integration with the Lightning Network will allow merchants to accept bitcoin payments directly through Square hardware, offering near-instantaneous transactions at a low cost.

The initiative, revealed on Tuesday, is expected to begin rolling out in the second half of 2025 and aims to be available to all eligible Square sellers by 2026, pending regulatory approvals. This move builds on Square’s existing Bitcoin Conversions feature, which was introduced in 2024, allowing merchants to convert a portion of their daily sales into bitcoin automatically.

According to Miles Suter, Bitcoin Product Lead at Block, the roll-out of a native bitcoin experience to millions of sellers aligns with the company’s objective of economic empowerment for merchants. Suter highlighted that the new feature would enable faster payments for small businesses and allow them to retain more revenue.

Customers will benefit from the simplicity of paying with bitcoin by scanning a QR code at checkout, with the Lightning Network ensuring swift settlement. Square’s system is designed to handle the complexities of real-time exchange rate calculations and confirmation notifications.

Block’s engagement with bitcoin extends beyond Square’s payment system. The company’s ecosystem includes various bitcoin-related products and services such as Cash App’s bitcoin functionalities, Bitkey—a self-custody bitcoin wallet, Proto—a suite of bitcoin mining products, and Spiral—which focuses on funding open-source projects that promote bitcoin for economic empowerment.

Furthermore, Block is enhancing the global access to bitcoin through Bitkey by introducing new privacy and security features starting in May. Bitkey aims to simplify the self-custody process with a user-friendly multi-signature security and recovery system, setting itself apart as the only hardware wallet offering inheritance as a recovery feature.

The company is also working on Proto, which aims to decentralize bitcoin mining by making tools more accessible to builders of various sizes and locations. The positive market response to Block’s announcements reflects investor confidence in the company’s strategy to integrate bitcoin into everyday transactions and its broader commitment to advancing the cryptocurrency’s role in economic empowerment.

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