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As cryptocurrency is increasingly used, Square will choose to provide a broader range of "Internet services" than just financial technology, predicted co-founder Jack Dorsey.
In an interview with The Australian Financial Review on August 5, Dorsey explained how he thought the emerging asset class would shape the development of his company. He said:
"Long-term [cryptocurrencies] will help us to look more and more like an Internet company on which we can launch a product … and that the whole world can use it, instead of having to go from one market to another, from one bank to another and from one regulator to another. "
Rather than focusing on the transmission or payment of money, the company will likely start developing services "such as computer hardware, analysis as well as payroll and loans," Dorsey said.
Square incorporated bitcoin in 2018, when its Cash application started selling cryptocurrency to users. This service generated revenues of more than $ 190 million in the first two quarters of this year, generating a gross margin of approximately $ 3 million.
In a separate interview with two other Australian publications, The Age and The Sydney Morning Herald, Dorsey made a slightly veiled gesture in the face of social media giant Facebook's move into cryptocurrency. He added that neither Square nor his other company, his rival Facebook, would create a native token, adding:
"I think open Internet standards are better for every person than those controlled or created by companies."
Bitcoiner
Dorsey reiterated his view that bitcoin has "a high probability" of becoming the "national currency" of the Internet, or the basis of all payments made online.
"It's the most resilient, it's been around for 10 years, it's an excellent brand and it's been tested," he said.
Nevertheless, Mr. Dorsey said that Square's exposure to various payment methods could help the company to "weather the storms" by referring to economic downturns.
These comments follow Square Crypto's commitment to Matt Corallo, a renowned bitcoin developer. The bitcoin-focused division, led by former Google director Steve Lee, aims to support the adoption of crypto-payment.
"We are hiring five open source engineers to work fully on improving the cryptographic ecosystem. I think the Internet will have a local currency and all we can do to get there, we'll do it, "Dorsey said.
Jack Dorsey at Consensus 2018, image via CoinDesk archives
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