Square wants Bitcoin to become the native currency for the internet. And they have revealed their plan in helping BTC achieve that potential. The company CEO, Jack Dorsey, said that they plan to help Bitcoin reach a mainstream audience. At the same time, their goal is to strengthen the BTC network and improve its ecosystem. All this combined will surely put BTC in a better position there where it is at today.
Square’s plans regarding Bitcoin
During the recent earnings call of Q3, Square revealed their earnings for the quarter and also their profits. The $1.8 billion Bitcoin revenue showed that the company is doing its best to take BTC to the next level. Their Cash app is also a great medium that Square has built for the users to take advantage of BTC as a payment option. In this earnings call, Dorsey was asked if they want to do something more in the BTC space and maybe add more tokens to help users better engage with crypto.
To this, Jack said that they are not doing that. He added, “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.” And this makes sense as he is one of those who think there is no other competition to BTC, and it is the only one. Jack also revealed some of the plans they had in place to help Bitcoin reach its full potential. One of them is building a hardware wallet, and the second is a BTC mining device for normal users they can use at home.
Square’s new team
Jack also said they are building a new team called TBD that will be building a new open developer platform to make it easy to build and offer financial services on BTC. They want to make it easy for anyone to offer something new to the space. He also said that they would announce more about this team with a whitepaper on 19th November.
What are your thoughts on Square planning to help Bitcoin become the native currency for the internet? And do you think their efforts will be successful? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.