Square expands Bitcoin payments to 1 million US merchants via Lightning Network

Square said Tuesday that 1 million merchants in the US can now accept Bitcoin (BTC) payments through its point-of-sale hardware, with a new seller enrolled about every eight seconds. The service uses the Lightning Network, while settlements can optionally be converted to US dollars on the backend. Parent company Block will cover all processing fees through 2026. Merchants can also convert up to 50% of their daily sales proceeds into BTC directly from the Square Dashboard. Block also reported Q1 proof-of-reserves holdings of 28,355 BTC, valued at about $2.2 billion.