- Square Crypto is an attempt to give back to financial technology
- Bitcoin is equivalent to gold and not a currency yet
“I think the internet will have a native currency and anything we can do to make that happen we'll do,” said Jack Dorsey, founder and CEO of Twitter in an interview recently.
Square co-founder has long been confident that the internet will have a native currency like Bitcoin. The world's leading cryptocurrency has been the “most resilient” one, having been around for a decade now. Jack Dorsey believes it has a “great brand” and been tested a bunch as well.
Giving Back to the Financial Technology
Square has now hired a small team of people to lead a cryptocurrency project. Recently, Square Crypto hired a renowned Bitcoin developer Matt Corallo. This Bitcoin division, headed by former Google director Steve Lee, aims to boost crypto payments' adoption.
Square’ crypto department is hiring five open source engineers to make the crypto ecosystem better. The idea behind this was to “give something back in our space of financial technology.”
Weather the Storms
According to him, artificial intelligence and cryptocurrency and blockchain will be technology trends that would disrupt the financial services.
“In the long term it 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.”
Square’s exposure to different payments methods, Dorsey said could help the company “weather storms” such as economic downturns.
But we aren’t there yet
As much as he is confident about Bitcoin’s wide adoption, he said it isn’t a currency yet.
“It's not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold,” he said. “What we need to do is make it more usable and accessible as a currency, but it's not there yet.”
Once it becomes the currency of the internet, Square would focus on more services that add value, “It'll be things like hardware, analytics and payroll and lending,” he said.