Block, formerly Square, has launched a self-custodial Bitcoin wallet called Bitkey. The device enables users to control their private keys, offering direct custody of their assets. Integrations with Coinbase and Cash App allow users to purchase Bitcoin directly using the wallet. Tools are in place to recover funds even if users lose their devices.
Thursday, March 14, 2024Payment processing solution Square has announced a new feature that allows sellers to convert their sales into Bitcoin automatically. The conversion occurs using the subsidiary company Cash App, which can convert 1-10% of daily sales to BTC. Jack Dorsey, the founder of Square and Twitter, strongly supports Bitcoin.
Block, the parent company of Square and Cash App, is under investigation over alleged sanctions, violations, and other regulatory issues. Whistleblowers complained that the company processed transactions linked to sanctioned countries and terrorist organizations, with thousands of suspicious transactions going unreported. Block states that it did not intentionally or knowingly violate sanctions.