By Alicia Maher
The co-founder and former CEO of Twitter, Jack Dorsey, made headlines on Monday when he told the world that he would step down from his role at Twitter. Dorsey said he wants to focus on another company that he founded. Twitter also announced a new CEO a few hours later, and it seems everyone has now moved on to the next phase.
Dorsey led Twitter to a new age of power in the social media place. But he will not bring that wealth of experience to try and achieve more with his payment processing company, Block Inc. Square Inc., as Block was called up till a few days ago, is a payment processing platform founded by Dorsey. Block will now focus on crypto, specifically bitcoin.
Twitter users speculated about Dorsey’s decision. While some felt that he had come to the end of his wits at Twitter, others pointed at his growing interest in cryptocurrencies as the reason. Dorsey seems to agree with the latter group, as Block will now work on projects centered on bitcoin.
Square to Develop Bitcoin Payment
Dorsey’s role as Block’s CEO will undoubtedly have the same tone of success as his time at Twitter. Dorsey had taken time to structure Block and provide a strong framework for its operations to follow. According to Dorsey, Square was built for providing solutions to its Seller brand. He said that Block will continue with that.
In July, Dorsey had announced that Square would develop a platform for creators to launch DeFi projects on Bitcoin. Bitcoin received the Taproot update that makes it possible to build DeFi projects on Bitcoin. Block’s older products; Sellar, CashApp, and Tidal, will continue to operate while incorporating new features for users.
Block will now focus on bitcoin and expanding its operations as it seeks new grounds. Dorsey said that the name change is geared towards Block’s public identity as the previous name did not fit its services. He said that the change has been due for a long time.
Crypto Will Expand in 2022
2022 is around the corner and companies are making final touches to their plans for the new year. Block will plan to expand in 2022 to embrace the growing demand for cryptocurrency payments. Cryptocurrencies have been tipped to perform better in 2022 for several reasons.
The biggest reason is that the interest and investments in crypto grew astronomically in 2021. The US was recently reported to have the biggest crypto growth in the world with investments growing 587% in the last 12 months.
Another important reason is the development of blockchain networks that are powering innovative grounds in crypto. We are closing 2021 with a popular topic; the metaverse. Metaverse projects have attracted more investments and interest from big brands and individuals around. NFTs and DeFi products that power transnational payment systems.
We are entering an exciting phase of cryptocurrencies, and it will be firms like Block that will lead the race to achieve great things.