Key things to note about Square's ($SQ) new crypto platform
Square received a lot of attention on Friday after Jack Dorsey (Founder of Square) announced that the company will be launching a new crypto DeFI platform for Square.
$SQ traded flat most of the day and closed at the $237 range. The stock actually held pretty well during the trading session despite the down market.
This may be due to the crypto catalyst. This isn’t the first time Square got involved with Bitcoin and crypto, but this is a whole new “business” vector that the company is pushing for.
The platform was announced through a series of tweets by Jack which you can find directly here -
According to Jack, the goal is to create a platform that joins Seller, Cash App, and Tidal. Jack noted that this platform will be open source to allow developers to take part in the community.
The main focus of this crypto platform will be on Bitcoin. It will be an open platform for any developer to work on - open source.
Square doesn’t tell that platform what to focus on and instead simply funds it.
He’s also promising that the company will make GitHub accounts and post their work there as well.
Bottom line is that if you are into crypto, then this is another major step for $SQ. Looking at it’s chart it does have a gap to fill, so I’m bullish on it for long term and short term trade.
Will be interesting to see how it performs this week. If the sector is going to rally, we’ll see a boost. Nevertheless, I see it holding its support levels well despite market conditions.
You can follow me on Twitter @wilsonthetrader
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