Square CEO says company will integrate Bitcoin

Bitcoin could be blowing up as the new go-to digital payment option very soon. Jack Dorsey, CEO of credit card processing company Square, said in an interview with CBCnews that the company is building a register allowing merchants to accept Bitcoin, as well as Apple Pay.

Though his delivery of the news was just a tad discursive, lumping together into one vague synopsis every conceivable currency format imaginable, he did very distinctly say "Bitcoin."

"We're building a register so that sellers can accept a credit card, so they can accept cash, so they can accept a check, so they can accept Bitcoin, and so they can accept any form of payment that comes across the counter including future ones and burgeoning ones like Apple Pay," Dorsey told CBCnews.

The full implications of Dorsey's statement are still mysterious. But assuming the company won't be sponsoring payments with gold ingots and gemstones, it seems Square is continuing to show its growing fondness for Bitcoin. Square already installed a "Pay with Bitcoin" option to Square Market on its online marketplace in March.

Elaboration has not been forthcoming. When CoinDesk pushed Square reps for more answers, a spokesperson simply said, "I'll just use this as an opportunity to reiterate our belief that Square sellers should never have to miss out on a sale; they should be able to accept any form of payment."

The nebulous announcement follows the recent closing of a $100 million funding round for the company's Register product, which provides service to merchants in the United States, Canada and Japan.

Square's Register accepts all major credit cards, charging 2.75 percent per swipe for processing. It also accepts card, cash or check, specifying on its website that service will "track all kinds of tender in one place."

This seems to be one more subtle allusion to the company's adoption of Bitcoin, flagging a conspicuous move away from Square's legacy, the mobile card reader, as it expands its services and broadens its payment categories.

Bitcoin will doubtless gain even more exposure from the move. Square signed up nearly 40,000 retailers for its platform by year-end in 2012, reported CoinBase.

Not only that, but on Sept. 23 PayPal announced that all digital goods merchants in North America using PayPal will be able to set up the currency in the PayPal Payments Hub.

Overstock.com also announced its acceptance of Bitcoin payments from international customers earlier in September, after enabling the service for customers in the United States in January.

For more:
-see this CBCnews article
-see this CoinDesk article

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