Jack Dorsey's Square Invests USD 50m in Bitcoin

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currencyinvestor19
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Joined: Sun Jul 05, 2020

Jack Dorsey's Square Invests USD 50m in Bitcoin

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US-based payments company Square, founded and led by well-known Bitcoin bull, Twitter CEO Jack Dorsey, said it acquired BTC 4,709 at an aggregate purchase price of USD 50m on October 7.

"Given the rapid evolution of cryptocurrency and unprecedented uncertainty from a macroeconomic and currency regime perspective, we believe now is the right time for us to expand our largely USD-denominated balance sheet and make a meaningful investment in bitcoin," the company said.

Square added that their treasury purchased the BTC over-the-counter "with a bitcoin liquidity provider that we currently use as part of Cash App’s bitcoin trading product."
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