Payments company Block, formerly known as Square, said the firm is looking to harness the power of bitcoin to expand the global financial system.
Block founder Jack Dorsey has been a bitcoin enthusiast for a long time, and it is on the development of the ecosystem of the first cryptocurrency that his team’s efforts are focused. Therefore, it is not surprising that, according to Block’s management, Bitcoin will play a key role in the process of improving the global financial system.
“We believe that bitcoin will have a powerful impact on financial services, especially as a tool for empowering people around the world, and as the global currency of the Internet,” emphasized during Investor Day, Block CFO Amrita Ahuja.
She noted that the company is at the very beginning of its mission to global Bitcoin adoption. Block has a lot of different initiatives in this ecosystem. For example, a company is developing a hardware wallet for storing BTC with a fingerprint scanner. In addition, the popular application for payments and purchases of cryptocurrencies Cash App added support for the Lightning Network in February.
The company also has plans to create energy-efficient miners for bitcoin mining and a decentralized exchange for trading in pairs with the first cryptocurrency. In addition, earlier this year, Dorsey announced plans to create a Bitcoin Legal Defense Fund, which will provide assistance to the developers of the first cryptocurrency.
Source: Bits
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