Square announced its intention to acquire Afterpay

by in Cryptocurrency News


One of the most crypto-friendly financial companies, Square, has officially announced its intention to expand the range and geography of its services through the acquisition of a large Australian firm. We are talking about the credit company Afterpay, the estimated value of which is $ 29 billion. According to the available data, the purchase and sale transaction will take place in early 2022.

At the moment, a phased plan for the acquisition of the company has already been developed. It is known that all acquired shares Square intends to send to the development of its ecosystem. In particular, the statement says about the creation of a platform that will allow the company's clients to purchase various kinds of goods on credit and by installments. Thus, Square also announced the creation of a buy-now-pay-later platform.

It is noted that such an active development of Square is associated with the desire to increase its competitiveness, occupying its niche along with such payment giants as PayPal and Mastercard.