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$29 Billion Deal: Bitcoin-Friendly Square Led by Jack Dorsey Acquires Lending Pioneer Afterpay

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Mon, 08/02/2021 - 06:48
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Yuri Molchan
Head of Twitter, Cash App and Square, Bitcoiner Jack Dorsey, leads his company to purchase Australia-based Afterpay lending company
$29 Billion Deal: Bitcoin-Friendly Square Led by Jack Dorsey Acquires Lending Pioneer Afterpay
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As covered by Reuters, Square, Inc., spearheaded by Twitter co-founder and BTC believer Jack Dorsey, intends to acquire Afterpay—the lending pioneer—paying a staggering $29 billion for the deal.

Dorsey's Square buys a global lending giant

Dorsey has commented that Square is buying Afterpay in order to continue making the current financial system "more fair, accessible and inclusive." Afterpay's business has been built in accordance with these key principles.

The companies will connect their payment ecosystems, offer more compelling products and services and give the power back to consumers and merchants, Twitter co-founder Dorsey added.

The purchase of Afterpay's stocks by Square has evaluated them at the $92.65 equivalent in Australian dollars (A$126.21).

For the Afterpay founders, the deal signifies an important recognition of the Aussie tech sector.

Related
Square Reports Whopping $2.72 Billion in Bitcoin Revenue Despite Major Market Correction

Square's Cash App reports $2.72 billion in Bitcoin revenue

As reported by U.Today earlier, peer-to-peer payments platform Cash App, which belongs to Jack Dorsey's Square, has managed to record a staggering $2.72 billion in Bitcoin revenue in the second quarter of this year.

This growth occurred despite the major correction that has been happening on the crypto market—when the flagship cryptocurrency went down from its April all-time high of almost $65,000.

This rise in Cash App's Bitcoin revenue accounts for 143 percent YOY growth. Still, the Bitcoin revenue from the previous quarter totals $3.5 billion.

The company's Bitcoin service provides the major part of Square's total Q2 net revenue ($4.68 billion).

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.