Dorsey Says Crypto Mass Adoption Will Transform Square's Business Model

Neil Dennis

Jack Dorsey, co-founder and chief executive of online payments company Square said the company will transform to provide a wide range of internet services as cryptocurrency adoption expands.

In an interview with The Australian Financial Review, Dorsey explained how mass adoption of bitcoin and other digital assets have the potential to reshape Square's business model. 

He said that aside from the current payments and money transfer focus, the company would expand into areas such as "hardware, analytics and payroll and lending". Furthermore, cryptocurrencies will enable users easier access to services. He added:

In the long term they will help us be more and more like an internet company where we can launch a product and the whole world can use it, instead of having to go from market to market, bank to bank and from regulatory body to regulatory body.

Native Interet Currency

Dorsey firmly believes that bitcoin will become the native currency of the internet. In a seperate interview in the Sydney Morning Herald, Dorsey - who is also the co-founder and chief executive of Twitter - rejected the idea of launching a corporate issued digital token similar to the Libra project of rival social media giant Facebook. He said:

I think open Internet standards serve every person better than ones controlled or started by companies. I think [Bitcoin's] the best bet because it's been the most resilient, it's around for ten years, it has a great brand, and it's been tested a bunch. As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [Bitcoin is] a pretty high probability.