Jack Dorsey’s Square Is Only Interested in Bitcoin
During the company’s Q3 earnings call on Friday, Square strengthened its commitment to Bitcoin and that is not much interested in other cryptocurrencies or projects in the space. Chief Executive Officer revealed there are a number of projects in the pipeline and the future to be exciting. During the call, the company shared hat its mobile payment platform Cash App brought tin $1.8 billion in bitcoin revenue.
In the call Dorsey responded to a question whether Square is “looking to expand into crypto beyond bitcoin buy and sell,” for example broadening its cryptocurrency offerings or even enabling users to “engage in defined NFT ecosystems.”
Dorsey’s reaction was typical, as he replied:
Our focus is on helping bitcoin to become the native currency for the Internet … We have a number of initiatives toward that goal. Cash App is just one.”
“We’re going to be building a hardware wallet. We’re exploring bitcoin mining, a consumer device to mine bitcoin at home or in a business or seller businesses, in fact. We believe this focus is important. We believe it’s right.”
Dorsey spoke about its new business unit, TBD and said that that a white paper elaborating on the project will be issued November 19:
“We also recently created a business called TBD in order to build an open developer platform with the sole goal of making it easy to create noncustodial, permissionless and decentralized financial services with a focus on bitcoin,” he described. The platform aims “to enable more ideas around decentralized finance on the bitcoin stack and on the stability that it offers and all the resilience that’s had over the decade plus.”
Speaking of what the hardware wallet and TBD are expected to contribute to, the Square and Twitter CEO concluded:
“Both are focused on helping bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.
“We will build both in the open, in collaboration with the community, sharing all of our decisions, progress and questions along the way.”
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Author: Peter Siu