Financial services company Square will double its bitcoin bet. On his Twitter account, the company’s CEO, Jack Dorsey, announced the creation of a new department focused on “building an open developer platform”.
This new company will integrate Seller, Cash App and Tidal with the goal of facilitating the creation of non-custody, license-free and decentralized financial services.
As Dorsey clarified, the new deal will mainly focus on Bitcoin and will not be given a name yet, but it seems logical that the above services will be integrated.
Seller is an online space designed to connect business owners. On this platform, they can share tips, get updates, ask questions and learn more about using Square in their business model.
Cash App enables its customers to invest in stocks of traditional companies and Bitcoin. While Tidal acts as a streaming service platform to “bring artists and fans closer together”.
A month ago, Dorsey revealed the company’s plans to create a Bitcoin hardware wallet. Similar to this project, Square’s new store will:
(…) do this completely in the open air. Open roadmap, open development and open source. Mike Brock leads and builds this team, and we have some ideas about the initial platform primitives we’d like to create.
Dorsey added that the new deal will operate in a similar way to Square Crypto, a separate Bitcoin focus division created to make BTC “more than an investment.” According to its CEO, Square Crypto never receives instructions from its parent company, only financial support.
Square Crypto currently has three active projects, the Lightning Development Kit (LDK), the Bitcoin Design Community, and the Bitcoin Development Kit. Dorsey claims that these projects were selected by the department in complete independence.
Investing in Bitcoin-Friendly Square could generate millions in profits
Dorsey and the companies under his leadership are making an important push to promote and support the development of Bitcoin.
According to Mizuho Securities analyst Dan Dolev, the Dorsey-led company could be a game changer in the banking industry of the future.
We believe that Cash App is on its way to become the ultimate neobank and money center bank of the future. This could make the purchase of SQ analogous to the purchase of JPMorgan in 1871.
The analyst predicts average revenue of $ 150 to $ 200 per user for one of Square’s flagship products, Cash App. Over the next decade, this company could compete on average revenues of $ 400 to $ 700 per user from banking giants like JPMorgan.
At the time of writing, Bitcoin (BTC) is trading $ 31,921, down 3.1% on the daily chart.
BTC is pushing to retake its daily opening on the 24-hour chart. Source: BTCUSD Tradingview
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