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Square Crosses 1 Million Bitcoin-Enabled Merchants as Real-World Adoption Continues to Grow
Block Inc.'s (XYZ) Square has crossed a threshold of roughly 1 million merchants now enabled to accept Bitcoin payments.
The figure, cited by a member of Block's team, reflects a wave of auto-enrollment that began March 30, when Square automatically switched on BTC payments by default for eligible U.S. sellers.
At its peak pace, a new business was activating the feature every eight seconds. The rollout is powered by the Lightning Network, enabling near-instant settlement while merchants receive U.S. dollars by default, removing currency risk from the equation.
In other words, customers can pay in Bitcoin via Lightning while merchants still receive USD settlements, with the system handling conversion in the background and allowing sellers to opt out if needed.