Square is working on many new projects and making Bitcoin the ‘native coinage for the internet.’
The corporation will unveil details about its new TBD business unit in a whitepaper on November 19.
Other initiatives include:
- A digital wallet.
- Bitcoin processing.
- TIDAL (a music platform with Jay-Z).
- Other decentralized finance concepts (DeFi).
Internet native currency, according to Twitter and Square creator Jack Dorsey. It also has great intentions to get there. Dorsey revealed yesterday that Square is focusing on a ‘variety of initiatives to increase Bitcoin acceptance.
Square CEO Jack Dorsey said that their goal is to make bitcoin the Internet’s native currency on the third-quarter revenue results call on November 8.
According to Dorsey, Square plans to construct a digital wallet, look into Mining bitcoin and explore other concepts for decentralized banking to expand its product offerings (DeFi). Tidal purchase and a ‘new enterprise unit’ named TBD are both in the works. They will release more information on TBD in a whitepaper on November 19.
This month, they will publish a white paper with further details. They also unveiled a bitcoin hardware wallet for consumers and a bitcoin mining device.
When asked if Square will extend beyond the purchase and sale of Bitcoin to include other cryptos and non-fungible tokens, Dorsey answered that they were not.
Bitcoin has been a sizzling topic of discussion for the last year, and Square created a peer-to-peer payments app called Cash App early this year that allows users to purchase and trade Bitcoin without any fees.
Square is making a digital wallet. They’re looking towards consumer bitcoin mining devices for home or commercial use. They think it’s vital and right.
Square’s profit increased 29% year on year.
Square reported $1.82 billion in Bitcoins income in the third quarter, up 11% year-on-year. Bitcoin revenues hit $42 million, jumping by 29% year on year.
According to the TBD whitepaper, Dorsey and co. are constructing a decentralized Bitcoin exchange.