Square Inc. has confirmed that its focus is to help Bitcoin become the native currency of the Internet. CEO Jack Dorsey explained, “We have developed many initiatives to achieve this goal”, which will help “Bitcoin reach mainstream audiences while strengthening the network and ecosystem.”
Square’s focus is to help Bitcoin become the local currency of the Internet
Square Inc. reiterated its commitment to Bitcoin on Friday’s third-quarter earnings conference call. Square also revealed that its mobile payment platform Cash App has produced $1.8 billion in Bitcoin revenueThe market value of Square is currently $110 billion.
In the conference call, Dorsey was asked whether Square “seeks to expand into cryptocurrencies beyond Bitcoin trading,” such as offering other cryptocurrencies and enabling users to “participate in the defined NFT ecosystem.”
Dorsey simply replied, “We are not,” emphasizing:
Our focus is to help Bitcoin become the native currency of the Internet… We have taken many measures to achieve this goal. Cash App is just one of them.
He continued: “We are going to build a hardware wallet. In fact, we are exploring Bitcoin mining, which is a consumer device for mining Bitcoin at home, business, or seller business. We think this focus is very important. We believe this is right.”
Dorsey also talked about a new business unit, TBD. “We also recently created a business called TBD to build an open developer platform, the sole goal of which is to easily create non-custodial, permissionless and decentralized financial services focused on Bitcoin,” he described . The platform aims to “propose more ideas around decentralized finance on the Bitcoin stack and the stability it provides, as well as all the flexibility over the past ten years.”
Square’s CEO stated: “We will release a white paper on November 19th detailing what TBD is doing,” and elaborated:
Both are focused on helping Bitcoin reach mainstream audiences while strengthening the network and ecosystem.
He concluded: “We will work with the community to build both in an open situation, and share all our decisions, progress and issues in the process.”
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