Block (NYSE: SQ) Announces Full Integration of Bitcoin Lightning Payments Across All Square Terminals by 2026, Pilot Program Launches in Las Vegas

Block (NYSE: SQ) Announces Full Integration of Bitcoin Lightning Payments Across All Square Terminals by 2026, Pilot Program Launches in Las Vegas

San Francisco, [Date] – Block, Inc. (formerly Square), the fintech giant led by Jack Dorsey, has unveiled plans to enable Bitcoin Lightning Network payments across its entire Square Terminal hardware fleet by 2026. The company is initiating a pilot program in Las Vegas, targeting small businesses and hightraffic merchants, with a fullscale rollout expected in phases over the next two years.

Key Announcements

1. Lightning Network Integration Timeline
   2024 Q3–Q4: Pilot launch in Las Vegas, focusing on hospitality, retail, and event venues.
   2025: Expansion to select U.S. cities (e.g., Miami, Austin) and international markets (Canada, Australia).
   2026: Full deployment to all Square Terminal devices globally.

2. Technical Implementation
   Seamless Onboarding: Merchants can activate Lightning payments via the Square Dashboard with no additional hardware.
   SubSecond Settlements: Transactions leverage the Layer2 Lightning Network for nearinstant, lowcost Bitcoin payments.
   Automatic Fiat Conversion: Optional instant conversion to fiat (USD, EUR, etc.) via Square’s liquidity partners, mitigating volatility risks.

3. Pilot Program Details (Las Vegas)
   Participants: 50+ merchants, including restaurants, casinos, and convention centers.
   Fee Structure: Competitive rates below traditional card networks (targeting <1% per transaction).
   User Experience: Customers scan a QR code or tap NFCenabled wallets (e.g., Cash App, Phoenix).

4. Strategic Rationale
   Demand for Crypto Payments: Block’s 2023 survey noted 38% of SMBs are open to accepting crypto.
   Cost Efficiency: Lightning reduces fees by ~90% compared to credit card processing (2–3%).
   Global Reach: Supports crossborder payments without intermediaries.

5. Competitive Landscape
   Block joins Strike, BitPay, and Coinbase Commerce in offering Lightning payments, but with a distinct advantage:
   Existing Infrastructure: 4M+ Square merchants can adopt Lightning with minimal friction.
   Cash App Synergy: Users can spend Bitcoin directly from their balances.

6. Regulatory and Security Measures
   Compliance: Adherence to FinCEN guidelines; transactions are recorded for tax reporting.
   Fraud Prevention: Multisignature wallets and realtime monitoring.

   Quotes from Leadership
   Jack Dorsey, CEO of Block: “Bitcoin is the internet’s native currency. Integrating Lightning into Square Terminals accelerates our vision of a more open, efficient financial system.”
   Alyssa Henry, Lead of Square: “This isn’t just about crypto—it’s about giving sellers tools to reduce costs and tap into new customer bases.”

   Market Impact
   Bitcoin Adoption: Could drive mainstream use as a medium of exchange, not just a store of value.
   Stock Reaction: SQ shares rose ~5% in premarket trading following the announcement.

   Next Steps
   Developers can access Lightning APIs via Square’s SDK (beta available Q1 2025).
   Merchants in pilot zones can apply through Square’s website.

Analyst Contact: [Email] | Media Kit: [Link]

Disclaimer: Crypto payments may involve volatility risks. Square terminals require software update v12.0+ for Lightning support.

END

This structured release balances technical depth with commercial relevance, targeting investors, merchants, and crypto communities. Let me know if you'd like additional data points or visuals (e.g., fee comparison tables).

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