After Twitter, Jack Dorsey Chases DeFi
Twitter co-founder Jack Dorsey rocked the world of social media this week after announcing he would be stepping down as CEO. After an eight tenure at the helm of the company, Dorsey revealed he would be handing the keys over to Twitter’s current CTO, Parag Agrawal.
In a statement, the 45-year old tech mogul said that he believed Twitter was ready to move on from its founders, but notably chose to remain CEO of his other company, payments giant Square.
Square has been deeply embedded in the world of cryptocurrencies and DeFi, first launching bitcoin trading in 2018, doubling down in 2021 when it announced the launch of a separate entity dedicated to building Decentralized Finance (DeFi) apps for Bitcoin.
In addition to its own interests in space, Square has been a leader in building partnerships across the space. Square launched the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization working to pool patents that encourage crypto innovation as well as partnering with Coinbase, Square, and Fidelity to tackle laws and regulations applicable to cryptocurrencies globally. Aptly named The Crypto Council for Innovation (CCI), this group concentrated on efforts to legitimize assets that have long been deemed controversial.
Dorsey himself has also been a huge proponent of bitcoin and the concept of decentralization, repeatedly insisting that the worlds of technology and finance should not be steered by the hands of a select few.
Back in January, the yoga-loving mogul also tweeted about his passion for bitcoin saying, “The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity”.
Further, at the Bitcoin 2021 conference, Dorsey told eager crowds, “If I were not at Square or Twitter, I’d be working on bitcoin. If it needed more help than Square and Twitter, I would leave them for bitcoin”. “We don’t need the banks anymore,” continued Dorsey. “We don’t need the financial institutions that we have today.”
In terms of crypto exposure, Square has routinely upped its bitcoin holdings particularly during times when the price dips. According to a report in Bitcoin Magazine, Square holds nearly 8,027 Bitcoins, acquired at an aggregate purchase price of $220 million bringing the company’s total bitcoin holdings to approximately 5% of its cash and cash equivalents.
In a statement shared at the time, the company described this investment as being “part of Square’s ongoing commitment to bitcoin,” going on to say that “[a]ligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future”.
Dorsey had previously been quoted saying that he believed bitcoin could bring about world peace, so it is no surprise to see the tech mogul chasing the DeFi high. And now, with his time Squarely focus on the crypto space, many are excited to see what projects Dorsey and company will reveal next.
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