GoMining Launches Bitcoin-Native Payment System to Challenge Square

Payment providers typically convert bitcoin into fiat currency after a merchant receives it, reducing price volatility and simplifying accounting. Square, owned by Jack Dorsey's Block, also defaults to converting payments into U.S. dollars. GoMining is targeting merchants that want to hold bitcoin directly, entering the payments market with native settlement and extending the competition to custody and settlement options.

GoMining recently launched GoBTC Pay, allowing merchants to settle directly over the Bitcoin network for a transaction fee of just 0.2%, in a challenge to Square's dollar-conversion service. As of July 20, 2026, available information did not disclose the formal launch date, initial merchant partners, transaction volume or supported regions. The scale of adoption remains to be seen.