Square invests $50M in bitcoin

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Square, the payments company with Jack Dorsey at the helm, has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million.

The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020, says Square.

Square launched bitcoin trading in 2018 with Cash App, which enables the buying and selling of bitcoin. In 2019, the company formed Square Crypto, a team focused on contributing to bitcoin open-source work.

Square recently launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization for crypto innovation.

[Image courtesy: Square]