It is no secret that crypto assets are becoming increasingly popular and more widely used. As a result, Jack Dorsey has forecasted that the firm that he co-founder, Square, will transition and end up offering a wide array of Internet services instead of just financial technology.
Dorsey offered his thoughts via an interview with The Australian Financial Review this week. The man who also founded Twitter, a global online microblogging giant in which he is also the CEO, said that he thinks the emerging asset class will be the one that defines the development of this newest venture.
Ease of Use
“In the long term 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 observed.
Instead of focusing on money transmission or payments as it happens now, Square will, most likely, develop services such as “hardware, analytics and payroll and lending,” according to the widely known entrepreneur.
Square, Inc. is a financial services, merchant services aggregator, and mobile payment firm with headquarters in Francisco, California. It is a platform that can help sellers run their business from secure credit card processing to point of sale solutions.
Over $190 in Revenue in the First two Quarters
The company integrated Bitcoin last year, when its Cash App started selling the world’s premier crypto asset to customers. The service has made more than $190 million in revenue over the first half of 2019, just shy of $3 million in gross profit.
Dorsey identified artificial intelligence and cryptocurreny or blockchain as the two technology trends that can disrupt financial services in a profound way. He says that Square is aiming to maximize the latter’s potential.
“We take a lot from the open source community [people who write source code that’s available to the public and used to create new software] and we wanted to give something back in our space of financial technology,” he pointed out.
He also informed that Square is “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.”
Bitcoin Should’t Be Considered a Currency Yet
Dorsey has been a famous crypto backer, especially defending Bitcoin. He says that BTC is the only crypto asset he holds, but whilst he remained confident that the currency would be widely adopted with increasing frequency, he stated that it should not be considered a currency yet.
“It’s not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet,” he expressed to the publication.
By Andres Chavez