Square presents plans to help Bitcoin become the locals for the Internet -
Square presents plans to help Bitcoin become the locals for the Internet -
Square Inc. has confirmed that his focus is on supporting Bitcoin in becoming the local currency for the Internet. CEO Jack Dorsey said: "We have a number of initiatives in the direction of this goal", which will help to "achieve Bitcoin a mainstream audience and at the same time strengthen the network and the ecosystem".
The focus of Square is on supporting Bitcoin in becoming the local currency for the Internet
Square Inc. confirmed his commitment to Bitcoin during the telephone conference for the third quarter of the company on Friday. Square also revealed that his mobile payment platform Cash app generated $ 1.8 billion in Bitcoin income . The market capitalization of Square is currently $ 110 billion.
During the call, Dorsey was asked whether Square "would like to expand into crypto beyond the Bitcoin purchase and sale", e.g.
Dorsey simply replied: "We are not", and emphasized:
Our focus is on supporting Bitcoin in becoming the local currency for the Internet ... We have a number of initiatives in the direction of this goal. Cash app is only one of them.
he continued: "We will build a hardware wallet. We are researching Bitcoin mining, a consumer device for Bitcoin mining at home or in a shop or seller. We believe that this focus is important. We believe that it is correct."
Dorsey also spoke about a new business unit, TBD. "We recently founded a company called TBD to build an open developer platform with the only goal, to simplify the creation of non -kept, approval -free and decentralized financial services with a focus on Bitcoin," he described. The platform aims to "enable more ideas for the decentralized financing of the Bitcoin stack and the stability it offers and to enable all the resistance that has plus decade".
The Square CEO said: "We will publish more details on November 19 about what TBD does with a white paper", and he explained:
Both focus on helping Bitcoin to achieve a mainstream audience and at the same time strengthen the network and the ecosystem.
"We will open both openly in cooperation with the community and share all of our decisions, progress and questions," he concluded.
Do you believe that Bitcoin will be the local currency for the Internet? Let us know in the comment area below.
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