Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey

2021-7-16 01:38

Financial services company Square will double down on its Bitcoin bet. Via his Twitter account, the CEO of this company Jack Dorsey announced the creation of a new division that will focus on “building an open developer platform”.

This new company will integrate Seller, Cash App, and Tidal and will have the objective of facilitating the creation of non-custodial, permissionless, and decentralized financial services.

As Dorsey clarified, the new business will be focus primarily on Bitcoin and is yet to receive a name but seems logical that the aforementioned services will be integrated.

Seller is an online space designed to connect business owners. This platform allows them to share tips, receive updates, ask questions, and more about using Square on their business model.

Cash App allows its customer to invest in traditional companies’ stocks and Bitcoin. While Tidal operates as a streaming service platform to “bring artists and fans closer together”.

A month ago, Dorsey revealed the company’s plans to create a Bitcoin hardware wallet. Similar to that project, Square’s new business will:

(…) do this completely in the open. Open roadmap, open development, and open source. Mike Brock is leading and building this team, and we have some ideas around the initial platform primitives we want to build.

Dorsey added that the new business will operate in a similar fashion as Square Crypto, a separate Bitcoin focus division created to make BTC “more than an investment”. According to its CEO, Square Crypto never receives directions from its parent company, only financial support.

Currently, Square Crypto has three active projects the Lightning Development Kit (LDK), the Bitcoin Design Community, and Bitcoin Development Kit. Dorsey claims that these projects were chosen in complete independence by the division.

Investing In Bitcoin-Friendly Square Could Yield Millions In Profits

Dorsey and the companies under his leadership are making an important push to promote and support Bitcoin development.

According to analyst Dan Dolev with Mizuho Securities, the Dorsey-led company could be a game-changer in the banking business of the future.

We believe Cash App may be en route to becoming the ultimate neo-bank and the money center bank of the future. This could make buying SQ analogous to buying JPMorgan in 1871.

The analyst predicts a $150 to $200 average revenue per user for one of Square’s main products, Cash App. In the next decade, this company could rival the $400 to $700 average revenue per user made by banking giants such as JPMorgan.

At the time of writing, Bitcoin (BTC) trades $31,921 with a 3.1% loss in the daily chart.

BTC making a push to reclaim its daily open on the 24-hour chart. Source: BTCUSD Tradingview

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