Square to Help Bitcoin Become Native Currency of the Internet

9 November 2021 | Updated: 9 November 2021

Giant payment solution company Square Inc. recently reiterated its loyalty to Bitcoin in its newly-released Q3 earnings report last Friday.

The payments company revealed that Cash App, its payment platform, generated $1.8 billion in BTC revenue in Q3, 2021. That said, the company’s valuation has rallied to a robust $110 billion.

During the earnings call, Square Inc. CEO Jack Dorsey got quizzed on the possibility of his company expanding beyond just buying and selling Bitcoin into more substantial crypto activities like offering other cryptocurrencies and allowing users access to NFT ecosystems. To this, Dorsey replied, “We’re not,” adding that:

“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.”

The billionaire CEO elaborated that: “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.”

Square to Launch TBD to Improve Bitcoin Services

Meanwhile, Dorsey talked about a new business unit called TBD, noting that: “We also recently created a business called TBD [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.”

The CEO noted that 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.”

Dorsey asserted that: “We’re going to release more details on what TBD is doing with a white paper on Nov. 19.” He also noted that:

“Both are focused on helping bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.”

Finally, the Square and Twitter founder declared during last week’s earnings call that:

“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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.