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Jack Dorsey: Mass Crypto Adoption Will Transform Square & # 39; s Business



As cryptocurrency becomes more widespread, Square will move to offering a wider range of "internet services" rather than just financial technology, co-founder Jack Dorsey predicted.

In an August 5 interview with The Australian Financial Review, Dorsey detailed how he believes the new asset class will shape the company's development. He said:

"In the long term [cryptocurrencies] will help us to be more and more like an internet company where we can launch a product … and the whole world can use it, instead of having to go from market to market , to bank to bank to bank and from regulator to regulator. "

Instead of focusing on the transfer or payment of money, the company that today is likely to start developing services" such as hardware, analysis and payroll and lending, " Dorsey said so.

Square integrated bitcoin in 201

8, when the Cash app began selling cryptocurrency to users. This service generated more than $ 190 million in revenue during the first two quarters of this year, generating $ 3 million in gross profit.

In a separate interview with two other Australian publications, The Age and The Sydney Morning Herald, Dorsey took a thin veil on social media giant Facebook's leap into cryptocurrency. He said that neither Square nor his other company, Facebook rival Twitter, would create a native symbol, adding:

"I believe that open internet standards serve all people better than those controlled or started by companies. "

Bitcoiner

Dorsey reiterated his view that bitcoin has a "high probability" of becoming the Internet's "native currency", or the basis for all payments made online.

"It's been the most resilient, it's been around for 10 years, it has a great brand and it's a bunch tested," he said.

Still, Dorsey said that Square exposure to different payment methods can help the company "weather storms", citing economic downturns.

These comments come on the heels of Square Crypto's hiring of acclaimed bitcoin developer Matt Corallo. The bitcoin-focused division, led by former Google CEO Steve Lee, aims to strengthen the adoption of cryptocurrency.

"We are hiring five open source engineers who will work completely to make the crypto ecosystem better. I think the internet will have a native currency and everything we can do to make it happen," Dorsey said.

Jack Dorsey at Consensus 2018, image via CoinDesk archives


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