Jack Dorsey’s Square is steering clear of NFTs — wants to make Bitcoin the ‘native currency for the internet’
Nov 9, 2021, 17:32 IST
- Square chairman and chief executive (CEO), Jack Dorsey, revealed that the company would be steering clear of non-fungible tokens (NFTs).
- Square is looking to make Bitcoin the ‘native currency for the internet’ with multiple new projects in the making.
- The company will reveal details around its new business unit called TBD in a whitepaper that will go live on November 19.
- Other projects include building a hardware wallet, Bitcoin mining, TIDAL — a music platform in collaboration with Jay-Z — and other ideas around decentralised finance (DeFi).
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Twitter and Square founder Jack Dorsey wants to make Bitcoin the ‘native currency for the internet.’ And, it has big plans on how to get there. Speaking at Square’s third quarter earnings call yesterday, Dorsey disclosed that the company is working on a ‘number of initiatives’ designed to boost Bitcoin adoption.Our focus is on helping bitcoin to become the native currency for the Internet.
To that end, Dorsey revealed that Square is planning to build a hardware wallet, look into Bitcoin mining, and enable more ideas around decentralised finance (DeFi). The acquisition of tidal and a ‘new business unit’ called TBD are also burgeoning projects. The company will push out more details about TBD in a whitepaper that will go live on November 19.
“We plan to share detailed plans with a white paper later this month. We announced two more bitcoin initiatives as well, the consumer bitcoin hardware wallet and the bitcoin mining system.”
Answering a question about whether Square would expand beyond the buy and sell of Bitcoin and integrate other cryptocurrencies and non-fungible tokens (NFTs), Dorsey said, “We’re not.”
Dorsey has been a big proponent of Bitcoin over the past year, and Square had launched a peer-to-peer payments product called Cash App earlier this year that facilitates buying and selling of Bitcoin without any transaction fees.
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“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.”
Jack Dorsey’s Square saw a 29% jump in profit as compared to last year
According to the third quarter earnings report, Square generated $1.82 billion in Bitcoin revenue in the three months of June, August and September — up 11% from last year. Its Bitcoin profits rose to $42 million, up 29% from last year.
About the TBD whitepaper, tweets from the product’s head, Mike Brock, earlier had suggested that Dorsey and company are building a decentralized exchange for Bitcoin.
Dorsey’s love for Bitcoin is well documented, and he has invested significantly into the world’s largest cryptocurrency. "It's deeply principled, it's weird as hell, it's always evolving," Dorsey said during a virtual Bitcoin conference in July.
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