Jack Dorsey (an American billionaire as well as a CEO and co-founder of Twitter as well as the CEO of Square, which is a provider of payment solutions) has announced that Square will justify its commitment to lead Bitcoin as well as its ecosystem to success.
Square was constructed in the second month of 2009, following the first release of Bitcoin (BTC). The three co-founders of the platform are Tristan O’Tierney, Jim McKelvey, and Jack Dorsey. After four years of Venmo’s (a PayPal payment solution for mobile which operates on the peer-to-peer system), Square launched an opponent named ‘Square Cash,’ which was a simple and easy-to-use application, and later on, renamed it as Cash App.
Cash app, one of the most famous products of Square, enables a consumer to transfer payment to another customer or to request someone for payment. The consumers are allowed to extract currency using Cash Card (used for withdrawals) or through transacting it to an account in a bank. The sale and purchase of BTC were supported by Cash App after the mid of November 2017 to a limited extent; however, it was officially launched in the later phase of January in 2018.
In October 2020, an announcement was posted on the formal account of the Investor Relations team of Square, which mentioned that the company had purchased up to $50 million worth in Bitcoin. The post added that cryptocurrency is a means of bringing empowerment and participation in the overall monetary system of the world. It further mentioned that the purchase only constitutes one percent of the total assets owned by the firm.
The CFO of Square, Amrita Ahuja, expressed that there is enough potential in Bitcoin (BTC) to turn into a more prominent currency in the coming days. She added that the community is being more disciplined along with Bitcoin’s rapid increase in adoption.
Today, It was revealed by Dorsey through Twitter that the creation of a new section will mainly target the construction of an open Bitcoin-based platform for the developers to assist in developing decentralized services regarding finance. He further elaborated that the newly built dimension of Square will be diverse than the existing one named Crypto. Moreover, he disclosed that GitHub and Twitter accounts would be soon be updated with the advancements to be incorporated into them.