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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