American financial service provider Square will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system, according to CEO Jack Dorsey. Dorsey shared a series of tweets explaining his intent to follow a collaborative approach in further decentralizing Bitcoin mining. He said: “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.” Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions “well after the last bitcoin is mined.” …

United States fintech giant Stripe is hiring a new blockchain team to enable crypto payments for its users. The $100-billion company is returning to the crypto sector three years after it pulled back from offering Bitcoin (BTC) support due to its slow transaction times and rising fees. According to a job listing page on Stripe’s website, the firm is looking for four “Staff Engineers” with experience in the crypto sector. Guillaume Poncin, the head of engineering, stated on Twitter on Tuesday that he’s looking for engineers and designers to “build the future of Web3 payments.” The listing outlines that the …

Australian buy now pay later (BNPL) giant Afterpay — now part of Jack Dorsey's Square — has said that it is likely to pursue cryptocurrency services once the regulatory framework is clear. Following Afterpay’s submission to the Senate inquiry into “Australia as a Technology and Financial Center,” which posited that merchants could slash payment costs by utilizing cryptocurrencies, representatives spoke to the inquiry on Sept. 8. Afterpay’s vice president for public policy and communications Damian Kassabgi said that “this idea of being able to exchange currencies from person to person or to a merchant without going through the traditional rails …

Australian buy now pay later (BNPL) firm Afterpay believes that local merchants can slash payment costs by utilizing cryptocurrencies. In a submission to the Senate inquiry into “Australia as a Technology and Financial Center,” Afterpay stated that the use of blockchain-based transactions could cut the fees associated with traditional payment methods, including card issuer, network operator and banking fees: “Merchants stand to benefit considerably from the cryptocurrency model, as card network fees are entirely removed from the equation and the customer/payer bears the transaction costs.” Under the crypto model, the customer would front the cost of validating the payment on …

Twitter appears to be developing functionality that enables users to add Bitcoin and Ethereum addresses to their profiles. The latest update is believed to be a part of Twitter’s Tip Jar feature, which was introduced in May this year, and adds to reports, which surfaced earlier this week, that the firm would enable Bitcoin (BTC) tipping for content creators. Italian mobile developer and self-described “leaker” Alessandro Paluzzi tweeted screenshots on Thursday that showed BTC and Ether (ETH) wallet address options in the settings toolbar of the app version of Twitter. #Twitter is working to allow you to add your #Bitcoin …

Morgan Creek Digital co-founder and Bitcoin (BTC) proponent Anthony Pompliano thinks Square’s value could increase to $1 trillion following the firm’s acquisition of Afterpay. Square, headed up by Twitter CEO Jack Dorsey, this week announced its acquisition of the Australian buy now pay later (BNPL) business for $29 billion on the same day it reported $2.7 billion in Q2 revenue from Bitcoin sales on its Cash App. Pompliano analyzed the move on his The Best Business Show on Aug. 4, which was posted on his personal YouTube channel under the rather clickbaity heading “Square is going to be worth $1 …

Jack Dorsey’s cryptocurrency-friendly digital payments firm Square is expanding competition with global payments giants like PayPal by acquiring a major Australian lending company. Square announced Sunday that the firm has entered into a scheme implementation deed to acquire all of the issued shares in fintech company Afterpay in a $29-billion deal. The transaction is based on the closing price of the Square common share and is expected to be paid in all stock in the first quarter of 2022. The acquisition enables Square to further accelerate its strategic plans for payment ecosystems as the company is looking to integrate Afterpay …

Jack Dorsey’s Square has reported a 200% increase in Bitcoin (BTC) revenue for the second quarter year-on-year (YoY). The company announced the impressive earnings figures in its second-quarter shareholder letter on Sunday. In the report, Square revealed its total gross profit grew 91% YoY to $1.14 billion. Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million and respective increases of 210% and 223%, respectively, year-on-year. Cash App generated a gross profit of $546 million overall, up 94% YoY. “Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin …

Aave founder Stani Kulechov told his 90,000 Twitter followers on Saturday that his protocol should build “Twitter on Ethereum'' after Jack Dorsey said he was developing a new Bitcoin (BTC)-centric financial services platform with striking similarities to Aave. Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum — stani.eth rAAVE =(⬤_⬤)= (@StaniKulechov) July 17, 2021 Dorsey tweeted Thursday that Square Inc., his mobile payment company, was creating a new business “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.” Square …

July 16, 1.45AM UTC: Updated with additional details Square CEO Jack Dorsey has revealed that Square is building a new division that will focus on building decentralized finance (DeFi) services that utilize the Bitcoin network. Dorsey made the announcement via Twitter earlier on Friday and revealed that Square’s new division will be building an “open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is Bitcoin.” Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. …

Digital payments firm Square is building a Bitcoin (BTC) hardware wallet, with CEO Jack Dorsey and hardware lead Jesse Dorogusker both confirming the plan on Twitter. The tech entrepreneur and Bitcoin proponent first teased the idea for a Square hardware wallet and custody service last month but revealed today that “we’re doing it.” We’re doing it #Bitcoin https://t.co/IwbKuBoXGv — jack (@jack) July 8, 2021 Dorogusker said on Twitter that Square wants to make Bitcoin custody more mainstream and outlined the pathway for the hardware wallet rollout: “We have a lot of questions and issues to reconcile and we’ll start with …

Twitter CEO Jack Dorsey has again rejected the idea of him buying into Ether (ETH) despite the social media platform’s activities with Ethereum-based nonfungible tokens (NFT). On Wednesday, the social media platform announced a giveaway through Rarible, a major NFT platform utilizing the Ethereum blockchain network for minting digital collectible tokens. But despite Twitter releasing 140 NFTs on Ethereum — the foundation for the second most-valued cryptocurrency after Bitcoin (BTC) — Dorsey apparently remains loyal exclusively to Bitcoin. Following the NFT news, Twitter user Packanimal suggested that it was “only a matter of time before” Dorsey invested in Ether, to …