Square unveils plans to help Bitcoin become the native currency of the internet

Square Inc. has confirmed that its focus is on helping Bitcoin become the native currency of the internet. CEO Jack Dorsey stated, “We have a number of initiatives toward this goal” that will help “bring Bitcoin to a mainstream audience while strengthening the network and ecosystem.”

Square's focus is to help Bitcoin become the native currency of the internet

Square Inc. reiterated its commitment to Bitcoin during the company's third-quarter earnings call on Friday. Square also revealed that its mobile payment platform generated Cash App $1.8 billion in Bitcoin revenue. Square's market cap is currently $110 billion.

During the call, Dorsey was asked if Square would like to “expand into crypto beyond buying and selling Bitcoin,” such as:

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

Our focus is on helping Bitcoin become the native currency for the internet... We have a number of initiatives towards this goal. Cash App is just one of them.

He continued: "We will build a hardware wallet. We are exploring Bitcoin mining, a consumer device for mining Bitcoin at home or in a store or vendor store. We believe this focus is important. We believe it is right."

Dorsey also talked about a new business unit, TBD. “We also recently founded a company called TBD to build an open developer platform with the sole goal of simplifying the creation of non-custodial, permissionless and decentralized financial services focused on Bitcoin,” he described. The platform aims to “facilitate more ideas about the decentralized finance of the Bitcoin stack and the stability it offers and all the resilience it has had over the decade plus.”

The Square CEO said, “We will release more details about what TBD is doing with a white paper on November 19th,” and he elaborated:

Both are focused on helping Bitcoin reach a mainstream audience while strengthening the network and ecosystem.

“We will build both openly in collaboration with the community, sharing all our decisions, progress and questions,” he concluded.

Do you think Bitcoin will become the native currency for the internet? Let us know in the comments section below.

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