Square by Jack Dorsey, just purchased $50 million worth of bitcoin, becoming the second publicly-traded company to do so after MicroStrategy so let’s read more in our latest bitcoin news.
The Financial services company Square by Jack Dorsey, Twitter’s founder, announced that it purchased $50 million in BTC. The company said that it believes that cryptocurrencies are an instrument of economic empowerment and will provide a way to participate in a global monetary system that will align with the company’s purpose.
Today, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit https://t.co/HPhSMfVgac.
— Square IR (@SquareIR) October 8, 2020
The company was open the idea of cryptocurrencies at the start. Earlier in September it even created a non-profit organization to fight crypto patent trolls and also offered the users of its Cash App to purchase bitcoin on a recurring basis. Dorsey was quite vocal on the merits of bitcoin on multiple occasions as he said recently that BTC and blockchain are the future of the social media platform Twitter.
Square formed a Cryptocurrency Open Patent Alliance and the members have to pledge not to use their patents except defensively. The patent library will help some members defend themselves if needed. Square wants to stop the process of killing bitcoin adoption by creating this alliance. The American financial services company is a huge proponent of crypto as its Cash app was the best place to purchase BTC. Today, it unveiled the next step in the push for growth and health of the industry, by launching the crypto open patent alliance- COPA.
COPA continues to focus mainly on open-source technologies that Square crypto started with the grants but expanded the horizons by inviting other crypto companies to join. The companies have to pledge to not assert patents on the “foundational cryptocurrency technology” unless it is to defend those technologies. All members will as well, have to contribute to a shared patent library that allows fellow members to be able to use these patents defensively outside of the patent trolls which will give small companies protection against the patent aggressors.
Square purchased $50 million in Bitcoin which marks a continuation of the institutional interest showcased in the field after the NASDAQ-listed company Microstrategy purchased a second round of BTC which brought the total value of the stack to $425 million.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]