Square Invests $50M In Bitcoin; Dorsey Sees A Currency For The Internet



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Square (NYSE: SQ) announced Thursday that it has purchased $50 million 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,” the payments company said in a tweet. 

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Related Link: Square Reports Q4 Earnings Beat

Dorsey A Bitcoin Bull: Jack Dorsey is the CEO of Square as well as Twitter Inc (NYSE: TWTR). 

Dorsey recently said he believes bitcoin remains the most viable currency for the internet in an interview with Reuters.

The internet “wants a currency,” and bitcoin is the “best manifestation of that thus far,” he said. 

“I can’t see that changing given all the people who want the same thing and want to build it for that potential.”

Square is a financial services and mobile payments company based in San Francisco. The company markets several software and hardware payments products and has expanded into small business services.

SQ, Bitcoin Price Action: The price of one bitcoin was $10,746.86 at the time of publication Thursday.  

Square shares were trading 1.57% higher at $183 after the market open. 

 

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PayPal Now Has One More Way to Monetize Venmo — and Battle Square

PayPal’s launching of a Venmo credit card gives it one more way to monetize the peer-to-peer (P2P) payments platform.



a close up of a screen: PayPal Now Has One More Way to Monetize Venmo -- and Battle Square


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PayPal Now Has One More Way to Monetize Venmo — and Battle Square

It also gives Venmo one more selling point as Square’s rival Cash App grows at a dizzying pace.

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The Venmo Credit Card, which was revealed on Monday morning, relies on Visa’s payment network, has no annual fees and can be managed via the Venmo app. Among its key selling points: A dynamic rewards system in which users get 3% cash back (automatically deposited to a Venmo account) on purchases made within their top spending category, 2% back on purchases made in the second-highest category and 1% back on all other purchases.

The card will also feature a custom QR code that can be scanned to let users send money to and split purchases with friends, and an RFID chip that enables tap-to-pay functionality. Users can opt to receive real-time notifications when their card is charged or rewards are deposited.

The Venmo Credit Card launch follows the 2018 launch of the Venmo Debit Card, which relies on Mastercard’s network. That card lets users make purchases using funds deposited to their Venmo accounts, as well as make no-fee withdrawals via select ATMs.

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With Venmo possessing more than 52 million active accounts as of the end of 2019, social sharing features are a key selling point for both of Venmo’s cards in a pretty crowded branded payment card landscape. Along with giving users the ability to split payments with other Venmo account holders, the cards let users share transaction activity to their