Square prepares to shift focus once crypto becomes mainstream

The founder and chief executive officer of Square, Jack Dorsey, believes that his company would broaden its range of services once cryptocurrency becomes widely adopted.

In an interview with The Australian Financial Review, Dorsey, who also co-founded microblogging service Twitter, reiterated his belief that the Internet would one day have a native currency and shared some details about Square’s cryptocurrency plans. He said that the company was building a small team of specialists to work on an open source crypto project.

“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, as quoted by The AFR. “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,” he added.

While Dorsey is a strong believer in Bitcoin (BTC), he does not think that it can be considered a functional currency at the moment. During the interview, he likened an investment asset like gold and added that “what we need to do is make it more usable and accessible as a currency, but it’s not there yet”.

He also indicated that when that happened, Square would shift its focus to services that add value rather than money transfers.

Square’s main product is the mobile payment app Cash, which enables customer to transfer money to other Cash users. The app was expanded to support Bitcoin trading in 2018. Last month, Square reported that Bitcoin trading had accounted for nearly half of Cash’s second-quarter revenue of $260 million. At the same time, the Bitcoin business generated $2 million of gross profit.

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