Overview
- The purchase was processed over the Lightning Network on a standard Square register during DC Fintech Week and completed instantly, according to Compass Coffee.
- Compass Coffee reported successful payments from 10 different wallets, including Cash App, Strike, and Satoshi Wallet.
- Square’s new suite enables merchants to accept bitcoin, use a built-in custodial wallet, and auto-convert up to 50% of daily sales into BTC within the existing business dashboard.
- Merchants can opt to hold bitcoin or convert proceeds to dollars, with bitcoin payment processing free for the first year of the rollout starting November 10.
- Regulatory uncertainty persists, as Jack Dorsey has called for a de minimis tax exemption on small crypto purchases and Senator Cynthia Lummis says related legislation remains in progress.