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Jack Dorsey can fully concentrate on his payments firm Square that has been integrating Bitcoin in its operations for some time now.
Monday saw the founder of Twitter Inc (NYSE: TWTR) Jack Dorsey dropping a bomb announcing his departure from the company he launched in 2015. According to the press release, Indian origin Parag Agrawal was unanimously chosen as his successor by the Board of Directors. Dorsey expressed his confidence in Parag Agrawal, who was the CTO since 2017 and an instrumental member of the Bluesky project. He believes Twitter is now ready to move ahead under the leadership of Parag whose 10 years of work has been transformative and inspiring.
What Are the Speculations around Jack Dorsey Leaving Twitter?
The news about Dorsey stepping down from his position at Twitter has been interpreted by many in the community as a move to get further involved in crypto especially Bitcoin. The Twitter founder has openly declared his interest and confidence in the decentralization of power on the internet. Many others also opine that with Twitter’s responsibilities now officially transferred onto Parag Agrawal, Jack Dorsey can now fully concentrate on his payments firm Square that has been integrating Bitcoin in its operations for some time now.
In his pursuit towards decentralization, Jack Dorsey had also spearheaded the project BlueSky that worked towards developing openly published standards for social media firms. Additionally, the Square founder has also been at the front of workplace decentralization attempts announcing indefinite remote working for its employees post the Covid 19 pandemic.
Some other assumptions were also made like the one by TechCrunch’s editor that considered Square’s attempts to build a Bitcoin wallet could be one of the reasons why Dorsey resigned. Square is definitely in all respects in a better position to work on Web 3. While Dorsey’s interest in crypto technology accelerated through his payments firm formed the crux of all rumours and suppositions, there was a section that discussed the impact of this resignation on Twitter’s crypto lean. The sudden growth in the share price following Dorsey’s resignation signals the return of investor confidence and their displeasure at Dorsey’s crypto plans within social media. There are doubts as to whether the new CEO will go ahead with the crypto efforts or prune them as a result of investor pressure.
Post-resignation Popularity of Square
One of the major reasons why Square immediately came into the picture post the resignation announcement is its constant integration with bitcoin. 2018 saw the firm launching bitcoin trading on the CashApp whereas a year later, Square crypto was formed that worked on bitcoin-related open source technology. The company is also interested in developing decentralized finance (DeFi) apps for bitcoin; to translate Dorsey’s goal of enabling non-custodial, decentralized and permission-less financial services. Square’s non-profit organization Cryptocurrency Open Patent Alliance (COPA) is dedicated to pooling patents to accelerate innovations in the crypto world. Square is also on its way towards building a hardware wallet and through its white paper released last month, confirmed the launch of tbDEX, its in-house decentralized exchange platform.
With so much going on within Square, Jack Dorsey’s resignation has definitely to do a lot with his crypto enthusiasm and passion towards a decentralized ecosystem. Although it is too early to make conjectures, it will be interesting to see the kind of investments and innovations Dorsey heads as a principal proponent of the crypto economy. It will be worth watching these entrepreneurial giants take on single-handedly over the traditional financial systems. For now, there is Elon Musk who is driving conversations around the potential of crypto. In the coming months, we would witness the same coming from Jack Dorsey and his payments firm Square.