Last month, Jack Dorsey (CEO of Square and Twitter) announced that his company would be acquiring Afterpay, an Australia-based credit card company that lets users pay for goods and services using Bitcoin. The acquisition is likely to act as a catalyst for other Bitcoin-related business, that is, the Bitcoin space, and Dorsey stated that he would be “responsible” for that. Dorsey has been a supporter of the cryptocurrency, having given a speech at a Bitcoin conference a few months ago, and he has long been a proponent of Bitcoin’s potential, calling it a “true form of money”.
Square and Afterpay, a technology company that allows customers to pay for purchases with their mobile phones, announced Monday that they have entered into a definitive agreement, subject to regulatory approvals, for Square to acquire Afterpay for $100 million.
Jack Dorsey’s Square, the company behind the popular Cash app, has signed a deal with afterpay, an Australian-based payments startup, to help the cash app expand its cash-to-cash-back service, which lets you fund your afterpay card with cash. The cash-to-cash-back service is already available in the U.S., but for now, it will be available only in Australia.
Another significant piece of news about Jack Dorsey’s other company Square Inc. comes from the mouth of Twitter’s CEO, Jack Dorsey. Jack Dorsey, who is also the CEO of Square Inc, discusses the company’s future ambitions and the $28 billion acquisition of Afterpay. Square Inc is moving on with its strategic goal to create its own Cash App, as well as partnering with Afterpay.
Purchase of Afterpay
Square Inc is a financial services and digital payment services company based in the United States, headed by the CEO of Twitter, who also serves as the CEO of Square Inc. Regardless, Square Inc will purchase the Cash App in the near future.
Furthermore, this was disclosed on Sunday, after which Square and Afterpay reached a formal agreement. As a result, the two have reached an agreement on a “Scheme Implementation Deed” that has been signed by both sides.
Furthermore, according to the formal deal, Square Inc will purchase all shares, stocks, and the whole Afterpay company for a staggering $28 billion. Also known is that this $28 billion will be paid to Afterpay in stock and shares by Jack Dorsey. As a result, it’s clear that market stock share swings are affected by this $28 billion.
Furthermore, Square’s primary goal is to integrate Afterpay and grow it in order to improve its Cash App and Seller, providing customers with more flawless services and choices.
Furthermore, according to Square CEO Jack Dorsey, the integration of Afterpay with Square would allow extensive interaction between the Cash App and the Seller.
This will also allow Cash App and Seller to have a solid financial partnership. Dorsey also claims that this will give merchants, clients, and consumers more leverage.
Concerning Afterpay and Dorsey’s views
Afterpay is an Australian financial services company that is extending its payment services for shops and other businesses. This Afterpay, on the other hand, is built on the idea of “Buy Now, Pay Later” (BNPL).
As a result, consumers and customers may buy anything they want, mostly at retail stores, and then pay for it in monthly installments with no interest.
Furthermore, Afterpay has been adopted by a large number of merchants and marketplaces, with more than 100,000 stores and approximately 16 million consumers and active users.
Dorsey, on the other side, argues that Afterpay’s BNPL platform will pave the road for the same connection with Cash App and Seller. As a result, this offers convenience to consumers and customers, encouraging the young to become more involved.
As a result, Jack Dorsey is as optimistic as ever that the acquisition of Afterpay and its integration into Cash App and Seller will propel their digital payment platform to new heights.
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