Square's most recent acquisition was Afterpay, and both the companies have already announced that it is on the verge of purchase. Afterpay is a known Australian-based company that features a "Buy Now, Pay Later" campaign, which is a unique service for consumers. It also has massive speculations that it would be applied for cryptocurrency purchases like Bitcoin.
Jack Dorsey is known for masterminding a "hardware wallet" for Bitcoin, under his tutelage on Square, a company that he co-founded and serves as CEO. Both Dorsey and Square are known for their avid views on crypto, and both are known to be massive followers of it.
Square Acquires Afterpay
Square has announced that it is on its way to acquiring Afterpay, for as much as $29 billion (39 billion Australian Dollars), and the deal would be completed soon.
Both companies have undergone a "Scheme Implementation Deed," where Square would have to acquire all issues shared by Afterpay, under a court-ordered arrangement.
Square is known for ramping up its business towards cryptocurrency and has been revealed to have been in the works to create something massive for Bitcoin. It was said that Square and Afterpay have a "shared purpose," and it is to make payments more "fair, accessible, and inclusive."
Who is Afterpay?
Afterpay is an international service that aims to bring a financial system that can suit a person's lifestyle, as well as offer a service that would be flexible for them. That being said, the company's main product is to provide a "Buy Now, Pay Later" service which acts like a credit card and has a monthly charge or fee, depending on the purchase.
These companies have been popular as some of them charge only a small fee with regards to purchases and installment payments. Some deals fully remove the interest rate, while some are discounted. Afterpay is a popular company in Australia, the US, and Canada regions for the said service.
Afterpay, Square for Cryptocurrency?
While there are no announcements from Square and Afterpay for now, most of the Jack Dorsey co-founded company's ventures are towards cryptocurrency. What does this mean? It means that Afterpay's soon acquisition may soon offer a "buy now, pay later" deal with regards to cryptocurrency and its purchase.
It would revolutionize the world of crypto, especially as people would have the chance to invest a lot into their wallets, and pay later, once they have earned from it. The acquisition is not yet complete or "set in stone," and so does this speculation as Square did not confirm this idea.
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Written by Isaiah Richard