The CEO of payments company Square has said that he wants his firm to help Bitcoin become a global payment choice.
Dorsey: ‘We Could be in Every App Store Instead of Five’
Jack Dorsey, the founder and CEO of Square and the co-founder and CEO of social media platform Twitter, was speaking at the Consensus conference today in New York.
“The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen. I don’t know if it will be bitcoin but I hope it will be.”
Dorsey is of the opinion that the use of the number one digital currency or another altcoin as a global payment would lower the barrier for the payment company to enter new markets, reports CNBC. He added:
“If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we’re in.”
He stated that as the company deals with fiat currency it had to approach the market differently, find a unique banking partner, and work with different regulators.
This isn’t the first time that Dorsey has been bullish on the future of Bitcoin. In March, it was reported that the Square CEO said that he believed the digital currency would become the globally accepted ‘single currency‘ of the Internet within the next 10 years.
In November, Square began the introduction of Bitcoin buying and selling options on Square Cash, the mobile payment app developed by Square, for a small section of their users. Since then the payment company has rolled out additional features for its users, which now sees them able to buy, sell, and transfer Bitcoin with the app. Dorsey has also committed personal funds to Lightning Labs as the team continues its work on the Bitcoin scaling proposal known as the Lightning Network.
Earlier today it was reported that Square Cash is growing at a faster rate compared to PayPal’s Venmo, according to Nomura Instinet. Analyst Dan Dolev said that with the roughly 28 million downloads, the number of Square Cash downloads was just one million fewer than Venmo’s levels.
In a note to clients, Dolev stated that:
“Historically, Venmo saw more downloads versus Square, but the gap appears to have peaked in July 2017.”
In the first quarter of 2018, Square reportedly sold $34.1 million in Bitcoin; however, it spent $33.9 million purchasing the cryptocurrency, meaning it’s adjusted revenue amounted to $200,000.