Jack Dorsey CEO of Twitter and Founder of Square, wants his company to one amongst the first few companies to make cryptocurrency be accepted as legitimate means of global payment.
Dorsey said on stage at the Consensus blockchain conference in New York Wednesday.
“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.”
Square let merchants accept bitcoin in 2014 for payment of goods, but abandoned that plan after few consumers used bitcoins for that reason. Changing gears, Square in January launched a bitcoin buying and selling feature in its Cash app. Since then the payment company has rolled out additional features for its users, which now sees them able to buy, sell, and transfer Bitcoins 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. Dorsey said
“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,”
Dorsey is apparently a fan of Bitcoin and its underlying technology. Using BTC or any other cryptocurrency as a form of payment will somewhat be able to put down the barriers that many companies face to enter new market.
Square this month said it sold $34.1 million of bitcoins in the first quarter but had to spend $33.9 million to buy the digital currency, netting the company only $200,000 in revenue.
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