Square (NYSE:SQ), a popular payments platform, has purchased 4709 Bitcoin or about $50 million worth in a sign of solid support for the world’s most popular cryptocurrency.
In a release, Square said that Bitcoin was an “instrument of economic empowerment and provides a way for the world to participate in a global monetary system” thus aligning with the company’s mission.
Amrita Ahuja, Square CFO, commented:
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future. 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.”
Square said it has previously invested in Bitcoin from a “product, leadership, and legal innovation perspective.” The move was described as a financial investment.
The company launched Bitcoin trading in 2018 with the Cash App, a feature that enables the buying and selling of Bitcoin.
Last August, Square reported that it generated $875 million in Bitcoin (BTC) related revenue through the company’s Cash App service during Q2 2020.
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.