The crypto community is excited about the news released this week that payments platform Square bought Bitcoins worth of $ 50 million as part of a larger investment in the digital assets.
The news Square bought bitcoin was announced on Thursday this week. Square bought a total of 4,709 Bitcoins, representing 1% of the payment platform’s total managed assets.
Square was founded by two businessmen- Jack Dorsey and Jim McKelvey- who founded Square, Inc. (SQ) in 2009, with a mission to create technologies capable of aggregating merchant services and mobile payments into a single, easy-to-use service.
Jack Dorsey, CEO of Twitter cum CEE of Square has long been an advocate of Bitcoin and decentralized technologies such as blockchain. He personally owns Bitcoins in his portfolio, although it is not disclosed how much Bitcoins Mr. Dorsey possesses.
Earlier this year, Jack Dorsey also stirred up the crypto community by posting on Twitter that Twitter wanted a decentralized standard for social networking. In the tweet series, Dorsey explains how blockchain technology can provide a decentralized model for storing content, monetizing, and monitoring content produced. The visualization microblogging platform enables people to build social media services that can interact with existing detectors. “It will allow us to access and contribute to a much larger repository of public chats, focusing our efforts on building open suggestion algorithms that help drive conversation. healthy… ”he said.
Square added bitcoin to its Cash app in 2018, and last year the company founded Square Crypto, an independent team that contributes to open-source bitcoin devel. Last month, Square launched its nonprofit Open Crypto Patent Alliance, which aims to keep the open-source nature of cryptocurrencies alive by aggregating patents in a shared library to “Protection against patent invaders”.