Jack Dorsey, a co-founder of Twitter and of Square, the crypto-based payments provider, says that Square will transition to providing a broader range of “internet services” rather than just financial technology.
In an interview with The Australian Financial review, Dorsey explained how crypto as an emerging asset class could shape Square’s future development: “In the long term [cryptocurrencies] will help us be more and more like an internet company where we can launch a product … and the whole world can use it, instead of having to go from market to market, to bank to bank to bank and from regulatory body to regulatory body.”
He said that rather than focusing on crypto payments the firm will likely begin to develop services “like hardware, analytics and payroll and lending.”
Square integrated bitcoin in 2018, when its Cash App began selling cryptocurrency to users. This service generated over $190 million in revenue over the first two quarters of this year, producing almost $3 million in gross profit.
In the interview, Dorsey also appeared to take what Coindesk says was a “thinly veiled swipe” at Facebook’s proposed entry into cryptocurrency. He said that neither Square nor his other company, Facebook rival Twitter, would create a native token, adding: “I think open Internet standards serve every person better than ones controlled or started by companies.”
He once again reiterated his belief that bitcoin would become the Internet’s “native currency,” or at least the basis for most online payments. He said, “It’s been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch.”
Square has recently hired Matt Corallo, a renowned bitcoin developer, and Square’s bitcoin-focused division, headed by former Google director Steve Lee, aims to bolster the adoption of crypto payments.
“We’re hiring five open source engineers to work entirely on making the crypto ecosystem better. I think the internet will have a native currency and anything we can do to make that happen we’ll do,” Dorsey said.