Twitter co-founder Jack Dorsey’s other project, the digital money exchange Square Inc., is enjoying a genuine “Purple Patch” right now: Shares in Square Inc. – already up 160% in 12 months – continue to surge in value, bolstered by last November’s decision to buy and sell Bitcoin via its mobile Cash App.
If you are a young, handsome, highly respected billionaire entrepreneur, every day must be pretty good. However, right now every day is even better for Jack Dorsey, co-founder and current CEO of Twitter, whose less well known secondary project Square Inc. is really starting to take off.
According to Bloomberg, shares of Square Inc. are surging in value, and this current momentum is showing no signs of slowing down anytime soon. Much of Square Inc.’s current boom is down to its crypto-trading Cash App, with Bitcoin proving particularly popular.
Last November, Jack Dorsey announced that Square Inc. users would be able to buy and sell Bitcoin via the Cash App. Dorsey also recently announced his plans to acquire E commerce platform Weebly, and this announcement has also significantly boosted the share value of Square Inc.
What Is Square Inc.?
Square Inc. is a San Francisco-based financial services and mobile payment company which also acts as a merchant services aggregator. Jack Dorsey founded Square Inc. along with Jim McKelvey in 2009. Square Inc. allows its users to transfer cash to each other via its Cash App. Square Inc. can also be used by small businesses to process credit card transactions, to track sales and inventory data, even to get financing for a project.
Square Inc. can be used for fiat currencies and in conjunction with traditional credit and debit cards, as well as for the purpose of buying and selling cryptocurrency.
In 2015, Square Inc. was floated on the New York Stock Exchange. Last November, Jack Dorsey announced that Bitcoin could be bought and sold via Square Inc.
Square Inc.’s 12 Months Of Success
In the past 12 months, Square Inc.’s share value has increased by 160%, bringing its market cap value up to $21.7 billion. This year alone, Square Inc.’s shares have risen by 73%. The company’s shares continue to steadily rise in value, and that pattern looks set to continue for some time yet.
Should Dorsey go ahead and acquire Weebly – the company entrepreneurs use to build websites and launch business ideas – Square Inc.’s share value will immediately increase even further. What’s more, by purchasing Weebly, Dorsey is showing everyone that his aim is to help small businesses. In fact, Square Inc. could soon become a kind of high-tech “one-stop shop” for building websites and creating the infrastructure for taking payments, keeping track of sales, expenses and inventories.