Square Buys $50M Worth of Bitcoin

Square Buys $50M Worth of Bitcoin

By Abhimanyu Krishnan | News | 9 Oct 2020


Payments company Square has doubled down on its cryptocurrency positions, announcing on October 8 that it had purchased $50 million worth of Bitcoin (BTC).

  • Saying that the purchase “underscores Square’s purpose of economic empowerment”, Square’s purchase of 4,709 BTC is worth 1% of the company’s total assets at the end of Q2 2020
  • Square’s CashApp lets its users buy or sell Bitcoin; it also has a Square Crypto team that contributes to open source Bitcoin work
  • Square CEO and co-founder Jack Dorsey, who also leads Twitter, is a well-known supporter of Bitcoin, on several occasions having praised it
  • Earlier this year, Square reported that its revenue earned from Bitcoin sales exceeded that of its other revenue streams

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


News
News

Official Publish0x Crypto News Channel

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.