New Delhi: At the Miami conference in June, Jack Dorsey pondered his true passion in front of thousands of attendees: “If I’m not in Square or Twitter, I will be committed to Bitcoin.”
On Monday, Dorsey did a good job in one of these areas, announcing that he would leave Twitter for the second time and hand over the CEO position to a veteran who has worked in the company for 10 years. According to people familiar with the matter, the 45-year-old entrepreneur is often described as a mystery and has a wide range of interests, from meditation to yoga to fashion design. He plans to pursue his passions, including focusing on running Square Inc and doing more charity. Work. His plan.
Long before the surprise news appeared, Dorsey laid the foundation for his next chapter, providing encryption-related projects for the two companies.
Behind Dorsey’s broader vision is the principle of “decentralization”, or that technology and finance should not be concentrated in the hands of a few gatekeepers as they are now, but should be guided by the hands of many people, whether people or entities.
This concept has already played a role in Square, and Square has established a department that specializes in projects and grants grants with the purpose of increasing Bitcoin’s global visibility.
Dorsey has always been a long-term supporter of Bitcoin, and its appeal is that this cryptocurrency will allow private and secure transactions with the value of Bitcoin that has nothing to do with any government.
This idea also supports Twitter’s new project, Dorsey appointed a senior lieutenant on Twitter-now the company’s new CEO Parag Agrawal-to oversee a team trying to build a decentralized social media protocol, the protocol Different social platforms will be allowed to interact with each other, similar to how email providers operate.
When announcing Bluesky in 2019, Dorsey stated that the project called Bluesky aims to allow users to control the types of content they see online, thereby reducing the “burden” of companies such as Twitter to implement global policies to combat abusive or misleading information. .
Bitcoin also occupies an important position in his two companies. Square has invested $220 million on its balance sheet, becoming one of the first listed companies to have bitcoin assets on its balance sheet.
In August, Square created a new business unit called TBD to focus on Bitcoin. The company also plans to build a hardware wallet, a Bitcoin mining system, and a decentralized Bitcoin exchange for Bitcoin.
Twitter allows users to tip their favorite content creators with Bitcoin and has been testing integration with non-fungible tokens (NFT), a digital asset that allows people to collect unique digital art.
Analysts believe that this shift is a positive sign for Square, the financial technology platform he co-founded in 2009. Square’s core Cash App saw a bull market in 2020, and its growth slowed in the most recent quarter. It is also trying to digest the $29 billion acquisition of Afterpay, a provider of “buy first, pay later”, the largest acquisition in its history.
But analysts warn that these ambitions will not pay off until a few years later.
“The blockchain platform they are trying to develop is great, but it is also full of technical challenges and difficult to scale for consumers. I think he will pay more attention to Square, and encryption will be a part of it,” analyst Christopher Bren Dele (Christopher Brendler) said. Davidson.
(This story has not been edited by NDTV staff. It was automatically generated from the joint feed.)