Square Gets $50 M Worth of Bitcoin

by in Cryptocurrency News

Square invests in Bitcoin

One of the most successful technology companies Square informed about investing $50 million in bitcoin. The firm bought more than 4.709 coins.

The owner of Square is Jack Dorsey, the CEO of Twitter and an enthusiastic supporter of BTC. The purchase made by Square forms nearly 1% of the company's overall capital as of the 2nd quarter of 2020. Square’s CFO, Amrita Ahuja expressed his opinion about the decision of the company stating that he finds sooner or later Bitcoin will turn into a more universal way of funding. Bitcoin is growing in adoption and for Square, which is creating products founded on a more integrated prospect, the investment is a move on learning and participating in BTC's extension.

Square has become the second U.S.-based publicly-listed firm after MicroStrategy to invest in bitcoin.

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The fintech organisation also has a division called Square Crypto, which encourages advancement in the Bitcoin sphere by directly engaging and distributing grants to developers and designers. At the beginning of this year, Square Crypto initiated a Lightning Development Kit to handle the integration of the Lightning Network technology into wallets and other services.

Most recently, it established the Cryptocurrency Open Patent Alliance (COPA), a non-profit foundation supporting crypto ideas and making patented crypto inventions available.