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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

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

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC

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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.

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

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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