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Square CFO Says Bitcoin 'Is Aligned With Our Purpose' Of Economic Empowerment

February 24, 2021 5:20 pm
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Square CFO Says Bitcoin 'Is Aligned With Our Purpose' Of Economic Empowerment

Fintech company Square Inc (NYSE:SQ) exchanged $170 million worth of its cash to Bitcoin (CRYPTO:BTC) because it "is aligned with our purpose" of economic empowerment, Square CFO Amrita Ahuja said on CNBC's "Squawk Alley."

See also: Best Online Stock Brokers

What Is Economic Empowerment? Economic empowerment is the process of bringing access to financial tools more broadly, including to people who haven't had it before, Ahuja said. Square believes that its new exposure to bitcoin can help in that process moving forward.

Square's relationship with bitcoin dates back around three years when the platform allowed customers to transact in the digital currency, she said. Specifically, 3 million people have interacted with bitcoin price through the peer-to-peer Cash App in 2020.

"We are going to be disciplined in our approach and ultimately customer-led as we see this ecosystem evolve," the CFO said.

Related Link: Square Analysts React To Q4 Earnings: 'Deceleration Somewhat Surprising'

Engaging With Customers: Square's Cash App is among the pioneers in the fractional stock ownership arena and the company has since evolved its offering to help investors make informed decisions, Ahuja said. The company saw a record-high number of trades and volume on its platform and is being viewed as a "front door" for the broader Cash App.

"It gives us a chance to offer them other products and services, like Cash Card or direct deposit to provide them greater daily utility in their financial services lives," she said.

(Photo: Square)

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