Jack Dorsey’s Square Inc. has reiterated its commitment to make Bitcoin (BTC) the native currency for the internet during the company’s Q3 earnings call last week.
<h2><strong>Jack Dorsey Wants Bitcoin to Become Currency of the Internet</strong></h2>
During the company’s <a href="https://s27.q4cdn.com/311240100/files/doc_financials/2021/q3/SQ-3Q-2021-Shareholder-Letter.pdf" target="_blank" rel="nofollow noopener">Q3 earnings call</a>, digital payments company Square vowed on helping bitcoin become the native currency for the internet. The payment giant’s mobile payment platform Cash App has generated $1.8 billion in bitcoin revenue alone. At the time of writing, <a href="https://www.cryptoknowmics.com/news/jack-dorseys-square-is-curious-about-bitcoin-mining/">Square’s</a> market cap currently sits at $110 billion.

On being asked whether Square is “looking to expand into crypto beyond bitcoin buy and sell,” or offering other cryptocurrencies and enabling users to “engage in defined NFT ecosystems," CEO Jack Dorsey replied, “we’re not,”
<blockquote><em>“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.”</em></blockquote>
He said that in the future the company will build a hardware wallet, including plans to build a consumer device to enable mining bitcoin at home or in a business or seller business, saying, “we believe this focus is important. We believe it’s right.”
<h2><strong>Square's New Bitcoin Business Unit</strong></h2>
Square recently created a  business called unit for TBD in order to build an open developer platform making it easy to create noncustodial, permissionless, and <a href="https://www.cryptoknowmics.com/news/jack-dorseys-square-has-a-new-bitcoin-divison-dedicated-to-defi/">DeFi services</a> with a focus on bitcoin.  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.”

Commenting on this, Dorsey said, “we’re going to release more details on what TBD is doing with a white paper on Nov. 19,” adding that it will help bitcoin is reaching a mainstream audience while at the same time strengthening the network and ecosystem.

Square Wants to Help Bitcoin Become the Native Currency for the Internet

Jack Dorsey’s Square Inc. has reiterated its commitment to make Bitcoin (BTC) the native currency for the internet during the company’s Q3 earnings call.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Square Wants to Help Bitcoin Become the Native Currency for the Internet

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