DAILY DOSE: February 24, 2021
Posted on 02/24/2021
1. Former U.S. Treasury Secretary Steven Mnuchin is planning to start an investment fund that would focus on financial technology and entertainment. The fund is expected to raise money from a wide range of investors including Gulf-based sovereign wealth funds. Former U.S. Treasury Secretary Timothy Geithner after leaving his post went on to become President of Warburg Pincus. Jack Lew, the last U.S. Treasury Secretary before Mnuchin, went to become a Managing Partner at private equity firm Lindsay Goldberg.
2. On a conference call, Square CEO Jack Dorsey said he will “double down” on commitment to bitcoin. Payments company Square believes cryptocurrency is an instrument of economic empowerment. Square Inc. in total has purchased about 3,318 bitcoin at an aggregate purchase price of US$ 170 million. Bitcoin now represents 5% of Square’s total cash and equivalents.