The head of Twitter and Square Payment service, Jack Dorsey, said that he considered it only a matter of time to integrate the Bitcoin microtransaction protocol into the Cash App, Cointelegraph reports.
He said this in an interview for a podcast about Bitcoin, which is conducted by Stefan Leiver. Elizabeth Stark, CEO of Lightning Labs, was another interviewee.
In particular, answering the question about the possible implementation of the Lightning Network in the Cash App, which in December 2018 became the most popular financial application on Google Play, Jack Dorsey said:
We have a massive seller network of businesses [of different sizes] [...] We would love to make [Bitcoin payments] as fast and efficient and transactional as possible and that includes looking at our seller base and our register. It’s not an ‘if,’ it’s a ‘when.
Dorsey, who had previously stated that Bitcoin will become the native currency of the Internet, also spoke about his admiration for the early movement of encryption and how he became acquainted with the “stunning, simple and beautiful” white paper bitcoin. It happened in 2013, when Square was also only at the very beginning of its journey. He also stressed that he puts Bitcoin apart in comparison with other Altcoins.
It feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing [...] I think [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.
According to the results of the third quarter of 2018, Square's profit from the sale of Bitcoin was $ 43 million, while in the previous quarter this amount was $ 37 million. In addition, in November, Square bypassed Twitter by capitalization.
In January, 2018 Square made the purchase and sale of Bitcoin available to almost all US citizens, with the exception of Wyoming, New York and two more states. However, already in June, Square received a BitLicense, a special license that allows them to operate in the state of New York, and in August announced that this opportunity is available throughout the United States.
In addition, last year, Square patented a blockchain technology for fast cryptocurrency payments, and also released the source code for offline storage for bitcoins.