{"id":14082,"date":"2021-11-09T01:54:09","date_gmt":"2021-11-09T01:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/square-unveils-plans-to-help-bitcoin-become-the-native-currency-for-the-internet\/"},"modified":"2021-11-09T01:54:09","modified_gmt":"2021-11-09T01:54:09","slug":"square-unveils-plans-to-help-bitcoin-become-the-native-currency-for-the-internet","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/square-unveils-plans-to-help-bitcoin-become-the-native-currency-for-the-internet\/","title":{"rendered":"Square Unveils Plans to Help Bitcoin Become the Native Currency for the Internet"},"content":{"rendered":"

Square Inc. has affirmed that its focus is on helping bitcoin become the native currency for the internet. CEO Jack Dorsey explained, \u201cWe have a number of initiatives toward that goal\u201d that will help \u201cbitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.\u201d<\/strong><\/p>\n

Square\u2019s Focus Is on Helping Bitcoin Become the Native Currency for the Internet<\/h2>\n

Square Inc. reiterated its commitment to bitcoin during the company\u2019s Q3 earnings call Friday. Square also revealed that its mobile payment platform Cash App generated $1.8 billion in bitcoin revenue<\/a>. Square\u2019s market cap is currently $110 billion.<\/p>\n

During the call, Dorsey was asked whether Square is \u201clooking to expand into crypto beyond bitcoin buy and sell,\u201d such as offering other cryptocurrencies and enabling users to \u201cengage in defined NFT ecosystems.\u201d<\/p>\n

Dorsey simply replied, \u201cWe\u2019re not,\u201d emphasizing:<\/p>\n

Our focus is on helping bitcoin to become the native currency for the Internet \u2026 We have a number of initiatives toward that goal. Cash App is just one.<\/p>\n

He continued: \u201cWe\u2019re going to be building a hardware wallet. We\u2019re 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\u2019s right.\u201d<\/p>\n

Dorsey also talked about a new business unit, TBD. \u201cWe also recently created a business called TBD in order to build an open developer platform with the sole goal of making it easy to create noncustodial, permissionless and decentralized financial services with a focus on bitcoin,\u201d he described. The platform aims \u201cto enable more ideas around decentralized finance on the bitcoin stack and on the stability that it offers and all the resilience that\u2019s had over the decade plus.\u201d<\/p>\n

The Square CEO said, \u201cWe\u2019re going to release more details on what TBD is doing with a white paper on Nov. 19,\u201d elaborating:<\/p>\n

Both are focused on helping bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.<\/p>\n

\u201cWe will build both in the open, in collaboration with the community, sharing all of our decisions, progress and questions along the way,\u201d he concluded.<\/p>\n

Do you think bitcoin will become the native currency for the internet? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, bitcoin mainstream, bitcoin native currency, bitcoin native currency of internet, btc native currency, internet currency, Jack Dorsey, native currency for internet, Square, square bitcoin, Square Inc., square initiatives<\/p>\n","protected":false},"excerpt":{"rendered":"

Square Inc. has affirmed that its focus is on helping bitcoin become the native currency for the internet. CEO Jack Dorsey explained, \u201cWe have a number of initiatives toward that goal\u201d that will help \u201cbitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.\u201d Square\u2019s Focus Is on Helping Bitcoin…<\/p>\n","protected":false},"author":0,"featured_media":14083,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14082"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14082"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14083"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}