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According to an official press release, the company purchased 4709 BTC. The company believes that cryptocurrency will finally become "a global monetary system, which aligns with the company’s purpose." Square says the investment represents 1% of the company's total assets as of the end of Q2 of 2020.
Square’s Chief Financial Officer, Amrita Ahuja, says the investment demonstrates the company's goal to learn and participate in crypto adoption.
"We believe that bitcoin has the potential to be a more ubiquitous currency in the future," she added.
Square launched bitcoin trading for the first time in 2018 with Cash App. In August, Cash App, Square's payments app, announced that bitcoin-related revenue for Q2 of 2020 grew up to $875 million.
Last year, Square formed Square Crypto, an independent team focused on contributing to bitcoin open-source work for the benefit of all, and also launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization encouraging crypto innovation and opening access to patented crypto inventions.
Meanwhile, the US Federal Deposit Insurance Corporation (FDIC) approved the deposit insurance application submitted by Square to launch Square Financial Services, the company's new industrial bank.
According to the FDIC, the bank will offer commercial loans to merchants who use the Square system to process card transactions.
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