Square Unveils Plans to Help Bitcoin Become the Native Currency for the Internet

Square Inc. has affirmed that its focus is on helping bitcoin become the native currency for the internet. CEO Jack Dorsey explained, “We have a number of initiatives toward that goal” that will help “bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.”

Square’s Focus Is on Helping Bitcoin Become the Native Currency for the Internet

Square Inc. reiterated its commitment to bitcoin during the company’s Q3 earnings call Friday. Square also revealed that its mobile payment platform Cash App generated $1.8 billion in bitcoin revenue. Square’s market cap is currently $110 billion.

During the call, Dorsey was asked whether Square is “looking to expand into crypto beyond bitcoin buy and sell,” such as offering other cryptocurrencies and enabling users to “engage in defined NFT ecosystems.”

Dorsey simply replied, “We’re not,” emphasizing:

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.

He continued: “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 also talked about a new business unit, TBD. “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.”

The Square CEO said, “We’re going to release more details on what TBD is doing with a white paper on Nov. 19,” elaborating:

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,” he concluded.

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