April 21, 2021

Jack Dorsey's Square company bought bitcoin for another $ 170 million

Jack Dorsey's Square company bought bitcoin for another $ 170 million

Payment company Square has revealed information about new investments in bitcoin. According to a Square press release, the company acquired another 3,318 BTC for a total of $ 170 million. Thus, the average purchase price was $ 51,235 per BTC.

The company notes that given its previousinvestments, the amount of reserves invested in cryptocurrency has reached about 5%. On October 7, 2020, Square acquired 4,709 BTC for $ 50 million.The value of this investment has since grown to $ 226 million.

“In line with the company's goals, Square considerscryptocurrencies are an economic empowerment tool that helps individuals participate in the international monetary system and shape their future. This investment was part of Square's ongoing commitment to bitcoin. The company plans to value its total investment in bitcoin relative to other investments on a current basis. ", Says the firm.

Also today, Square unveiled its financialreports for the fourth quarter and all of 2020. During this time, its clients purchased bitcoins for $ 1.76 billion and $ 4.57 billion through the Cash App, respectively.

“In 2020, we recorded a significantan increase in Bitcoin income compared to last year. Bitcoin revenue grew 9 times to $ 4.57 billion, and gross profit was only $ 97 million, or about 2% of revenue, adds Square. "The numbers rose on the back of increased Bitcoin-related activity and customer demand, as well as a significant rise in the price of Bitcoin."

The company also provides statistics, according towhich over three million customers bought or sold bitcoin through the Cash App in 2020, and in January 2021, more than a million customers purchased cryptocurrency for the first time. In addition, in the fourth quarter, the volume of transactions in bitcoin increased by more than two and a half times compared to the same period last year.

“This was primarily due to the activity aimed at buying bitcoin, while existing customers continued to purchase it, and new ones did it even in larger volumes."- notes Square.

Where is it more profitable to buy bitcoin? TOP-5 crypto-exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Jack Dorsey's Square company bought bitcoin for another $ 170 million