US digital payment platform Square, founded by Twitter boss Jack Dorsey, announced Sunday it will acquire Australia's Afterpay Limited for $29 billion.
The merger and acquisition, which is expected to close in the first quarter of 2022, will be done entirely through an exchange of shares and will value Afterpay at approximately $29 billion, according to a joint statement. "Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive," Dorsey said in the statement. He also serves as the CEO of Square, which operates the mobile payment platform Cash App."Buy now, pay later has been a powerful growth tool for sellers globally," said Alyssa Henry, head of Square's Seller business, in the statement.
Hardware wallets can be used to store digital currency offline, synching with applications for transactions on the internet as needed.
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