At a packed Miami conference in June, Jack Dorsey meditated in front of thousands of attendees about where his true passion lies.
On Monday, Dorsey did some of that work and announced that he would quit Twitter for the second time, handing over his CEO status to the company’s 10-year veteran. A mysterious 45-year-old entrepreneur with a wide range of interests, from meditation to yoga to fashion design, will pursue his passion, including running Square Inc and focusing more on philanthropy. His plan.
Long before the surprise news, Dorsey laid the foundation for the next chapter and planted crypto-related projects in both companies.
Underlying Dorsey’s broader vision is the principle of “decentralization,” which means that technology and finance need to be manipulated by a large number of people, rather than being focused on a small number of gatekeepers as they are today. The idea is that there is. Or an entity.
The concept was developed in Square, which has built a department dedicated to working on projects and granting grants with the aim of increasing the worldwide popularity of Bitcoin.
Dorsey has been a longtime supporter of Bitcoin, and its appeal is that cryptocurrencies enable private and secure transactions with the value of Bitcoin, which has nothing to do with any government.
The idea also supports a new project on Twitter, with Dorsey hiring a top lieutenant (and now the company’s new CEO, Paragg Agrawal) to connect different social platforms to decentralized social. Oversaw a team trying to build a media protocol with each other, as well as how email providers operate.
A project called Bluesky aims to give users control over the type of content they see online, a global policy to remove the “burden” of companies such as Twitter and combat misuse and misleading information. Mr. Dorsey said when he announced Bluesky in 2019.
Bitcoin has also become prominent in both of his companies. Square has invested $ 220 million in cryptocurrencies and became one of the first public companies to own 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 for Bitcoin, a Bitcoin mining system, and a decentralized Bitcoin exchange.
Twitter allows users to chip Bitcoin to their favorite content creators and test integration with non-fungible tokens (NFTs), a type of digital asset that allows people to collect their own digital art. doing.
Analysts see this transition as a positive sign of Square, a fintech platform co-founded in 2009. Square’s core Cash App has slowed growth in the last quarter after gaining market share in 2020. It is also trying to digest its biggest acquisition to date, the $ 29 billion acquisition of Buy Now Pay Later provider Afterpay.
But analysts warned that these ambitions would not be rewarded until a few years from now.
“The blockchain platform they’re trying to develop is great, but it also has technical challenges that make it difficult to extend to consumers. He’s more focused on Square, and crypto is part of it. I think it will be, “said Christopher Brendler, an analyst at DA Davidson.
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Jack Dorsey chases crypto, FinTech Dream Post Twitter
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