Month: April 2024

Block, a global technology company focusing on financial services, has announced the launch of Bitcoin Conversions, a feature that allows millions of Square sellers to convert a percentage of their daily sales to Bitcoin using Cash App, according to a press release sent to Bitcoin Magazine.

This collaboration between Square and Cash App empowers eligible Square sellers in the U.S. to allocate between 1-10% of their daily sales from their Square seller account to be automatically transferred to their personal Cash App account. The funds will then be used to purchase bitcoin at the end of each day, and sellers will have full control over their bitcoin holdings, including the ability to hold, send, sell, and manage their BTC as they see fit. A transparent, flat 1% fee applies to each conversion made from daily sales to Bitcoin.

Block stated that it believes that Bitcoin is a tool for economic empowerment, enabling global participation in a digital monetary system. Direct feedback from Square sellers indicates a strong interest in Bitcoin for various use cases, including long-term savings and diversification of business holdings.

This initiative is part of Block’s broader strategy to integrate Bitcoin into various ecosystems, providing new avenues for individuals, developers, and now, sellers, to engage with Bitcoin. The collaboration builds on previous integrations between Square and Cash App, offering additional value and efficiencies for participants across Block’s ecosystem.

Bitcoin Conversions is available to eligible sole proprietors or single member LLCs in the U.S., with a gradual rollout planned for all eligible sellers in the coming months (excluding New York State-based sellers).

Strike has announced its expansion into Europe, bringing its Bitcoin services to millions of people across the continent, according to a press release sent to Bitcoin Magazine.

As per announcement, European customers can now buy, sell, send, and withdraw bitcoin using the app, and deposit funds from their bank accounts using free unlimited SEPA euro deposits, with the option for instant transfers where supported. Customers withdrawing their bitcoin to self-custody can send it to any Bitcoin or Lightning wallet instantly and without limits.

Additionally, users can access features such as recurring purchases, as well as peer-to-peer (P2P) transfers powered by the Lightning Network, with USD and USDT remittances.

Jack Mallers expressed his excitement about the launch, stating:

“We envision a future where everyone has access to Bitcoin—a truly open, global, and public digital infrastructure for money. To realize this vision, our focus has been on building a beautifully designed bitcoin-only money app that’s accessible, functional, secure, and available to billions of people all over the world.”

The news comes as Strike has expanded its services over the past year to reach over 70 countries across the globe, from the U.S. to Latin America and Africa.

Strike’s Send Globally feature aims to enable customers to make fast, secure, low-cost local currency payouts using the Lightning Network as an open and global payment rail. Strike customers in Europe can now utilize this feature to send value across borders.

“Bitcoin is hope to us all. A financial revolution, driven by its technical innovation, that gives everyone a way to save and interoperate globally,” Mallers, concluded. “Bitcoin transcends borders, enhances financial inclusion, and solves some of the biggest economic problems we all face today such as inflation. As the third-largest economy globally Europe presents vast opportunities for Bitcoin adoption and we believe that Strike is uniquely positioned to serve millions of people across the continent.”

Hong Kong’s Securities and Futures Commission recently approved Bitcoin Spot ETFs for several major asset managers, paving the way for the city to become a leading hub for such products. 

The approval comes after months of anticipation and marks a significant milestone for the Bitcoin industry in Asia.

JUST IN: 🇭🇰 Hong Kong spot #Bitcoin ETFs will begin trading on April 30: HashKey Capital

Asia is ready 🚀 pic.twitter.com/TDfNZTqPQU

— Bitcoin Magazine (@BitcoinMagazine) April 24, 2024

HashKey Capital, a local asset management firm, confirmed that its Bitcoin ETF will start trading next Tuesday. In a statement, a spokesman for the firm acknowledged the launch date, making it one of the first companies to offer a spot Bitcoin ETF in Hong Kong.

OSL, a digital asset platform that acts as a sub-custodian and infrastructure service provider for two major fund managers, has also indicated that spot bitcoin products aim to launch as early as late April. This news further solidifies Hong Kong’s position as a frontrunner in the race to offer investors access to Bitcoin through traditional financial instruments.

Elsewhere, some of China’s top asset managers are in the final leg of preparations for the spot Bitcoin ETFs to begin trading potentially by the end of April. 

This development is expected to attract significant interest from investors within and outside Hong Kong.

Click the image to learn more.

According to predictions by Singapore-based crypto services provider Matrixport and Markus Thielen, founder of 10x Research, Hong Kong Spot Bitcoin ETFs could bring in and unlock up to $25 billion in new demand. 

This influx of capital could have a profound impact on Bitcoin and further legitimize it as an asset class.