The investment underscores Square’s purpose of economic empowerment
Square, announced that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose. The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.
Read More: InvestEdge Acquired by Featheringill Capital
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future”
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
Read More: GlobalFintechSeries Interview with Jason Lee, CEO and Co-Founder at DailyPay
Square has previously invested in bitcoin from a product, leadership, and legal innovation perspective, and today adds this financial investment. The company launched bitcoin trading in 2018 with Cash App, which enables the buying and selling of bitcoin. In 2019, the company formed Square Crypto, an independent team solely focused on contributing to bitcoin open-source work for the benefit of all, and also recently launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization encouraging crypto innovation and opening access to patented crypto inventions.
Square has open sourced documentation to articulate the process behind the execution of its purchase as others consider similar strategies. The whitepaper can be found at squareup.com/investors.
Square, builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing.
Read More: GlobalFintechSeries Interview with Brady Harris, CEO at Dwolla
