Square Now Accepts Bitcoin for Its Online Marketplace
Bitcoin enthusiasts now have a new place to shop.
Square announced on Monday that it has begun accepting the cryptocurrency as a form of payment on its online marketplace.
Shoppers can opt to “Pay with Bitcoin,” which generates a bitcoin address attached to the order. Merchants, according to Square, are effectively insulated from the process and don’t have to assume any risk from the ever-changing price of bitcoins.
“The seller receives the amount of the purchased goods or services in USD and in the amount of USD advertised to the sellers’ customer at the time of transaction,” Ajit Varma, Square Market lead, wrote in a blog post. “So the seller takes no risk on Bitcoin value fluctuations.”
A small, but growing, number of businesses have added bitcoin payments as an option in recent months, including Zynga, Lord & Taylor and Overstock.com. Earlier this month, Overstock revealed that customers had purchased more than $1 million worth of goods using bitcoins in about two months.