Square is relentless in its efforts to increase the adoption rate of Bitcoin and it already seems to be paying off for both the payment giant and the Bitcoin market. Square is beginning to earn the title of one of the most valuable companies in the Bitcoin market and it seems the company is not ready to exit anytime soon.
How Square’s move will change the Bitcoin market
Recently, Square revealed it was buying the Australian fintech platform Afterpay, for a deal of $29 billion. The deal is estimated to be around 30% premium to Afterpay’s last closing price. Following the big reveal on Sunday evening, Afterpay’s shares surged and closed by an attractive 19% the following day. But Afterpay’s stock buyers were not the only ones excited. Bitcoiners were well within their rights to celebrate this win as the acquisition will reportedly enable Bitcoin users to buy Bitcoin.
Market players are gunning for the app’s integration to allow Bitcoiners to buy Bitcoin and pay later; a one of a kind gesture that will undoubtedly skyrocket the adoption rate of the benchmark asset. Although neither Jack Dorsey nor Square’s representatives have spoken in affirmation, the feature will be just as useful for retail and institutional investors who are looking to purchase Bitcoin at a different pace.
Speaking on the importance of Afterpay’s services for Square, Jack Dorsey noted the following in a statement, which reads in part ;
“Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”
Meanwhile, Square’s CFO Amrita Ahuja established the company’s intent with advancing customer experience, something that the platform has been doing with Square’s Cash App services. Hinting that in typical Square fashion, Bitcoin buying and selling patterns could be stretched with new options using Afterpay.
“We see a real opportunity to enable the next-gen consumer that’s looking for different ways and, in this experience, an interest-free way of expanding the purchase potential,” said Ahuja.
“What that ends up doing is merchants pay for the Afterpay experience but they get higher average order volumes, they get greater conversion, they get greater frequency and lower returns and they get a marketing channel from Afterpay… which is ultimately helping those merchants grow there business and that’s what Square is all about.” She added.