- Block Inc. focuses on aiding the transformation of Bitcoin into daily use currency.
- The future of Bitcoin was the prime theme of Block’s Investor Day.
After stepping down from the Twitter CEO post last November, Jack Dorsey shifted his complete focus to his fintech firm, Block Inc., for developing open-source Bitcoin mining solutions. On Wednesday, Block Inc, San Francisco-based fintech firm, live-streamed its Investor’s Day. Dorsey and his team discussed the history of Block, formerly known as Square, and its integration with the king crypto coin.
The Twitter co-founder has been a prime supporter of Bitcoin. The fintech firm announced its mission of building an open-source Bitcoin mining system in early January. Block Inc also launched a decentralized Bitcoin exchange platform called tbDEX. tbDEX’s whitepaper was launched in November 2021 and it went live recently in early May.
Dorsey clearly stated that Block is “not just a payment firm” but also a collaborative ecosystem including CashApp, a mobile payment platform, and Spiral, an independent wing advocating for BTC adoption. It also integrated Tidal, an online music-streaming platform. Additionally, the team is working on developing a silicon-based ASIC chip for Bitcoin mining.
Amrita Ahuja, Chief Financial Officer, Block Inc said:
“We believe Bitcoin is going to have a profound impact on financial services, particularly as a tool for economic empowerment and as a global currency for the internet.”
Paving Way for Global Adoption
Spiral comprises a group of developers focusing on building BTC-compatible apps. The firm focuses on adopting Bitcoin as a global currency. The team believes that “ownership” of the largest crypto is the beginning phase of global adoption. The desired terminus of this long-haul battle is the acceptance of Bitcoin as a “daily use” currency.
El Salvador and 44 other countries consider BTC as a powerful tool to achieve financial inclusion and detach from the oppressive Fed-led global market.
Israel-based credit card firm, Max, in collaboration with Bits of Gold, a crypto broker, announced the launch of MaxBack Crypto Card, a crypto credit card that supports the purchase of BTC. On Wednesday, the Russian Ministry of Industry and Trade announced that it will introduce the legal regulation of Bitcoin in their Federation by this year.