Key dealers
- Jack Dorsey confirms the development of Bitcoin payments for Square and Bitkey.
- Dorsey’s block is a large bitcoin holder who currently owns 8,485 BTC valued at over $ 700 million.
Jack Dorsey, co-founder of Block, the fintech company behind Square and Bitkey, has confirmed that his team “is working on” integrating Bitcoin as a payment option for Bitkey and Square.
Dorsey’s statement came in response to an X -user’s question about the delay in enabling bitcoin payments over Block’s services. He also drove back against the idea that the process is “a simple flip of a switch.”
Not a simple flip of a switch but we do
– Jack (@jack) April 3, 2025
While Dorsey confirmed the company’s commitment to integrate Bitcoin payments, he did not provide a specific timeline for the rollout.
Founded by Dorsey and Jim McKelvey, Block, Inc. own and operate a multiple portfolio of products and services, including Square, Cash App, AfterPay, Tidal, Bitkey and Proto.
Bitkey is a self -bound Bitcoin hardware wallet that allows users to handle and store their bitcoin safely without relying on third -party exchanges or guardians.
The wallet was launched at the end of 2023, about four years after the launch of Square as an extensive sales solution.
Block focuses on bitcoin mining
Block is one of the world’s best bitcoin holders. From the latest information, the company has $ 8,485 BTC worth over $ 700 million.
In a letter to their shareholders in November last year, Block announced their plans to increase their investment in Bitcoin Mining and its Bitcoin-Self-Assuming Wallet. The company aims to become a leader in Bitcoin mining, with reference to a strong market pass and a robust demand.
To prioritize these goals, Block said it would scale down its investment in the Music Streaming app Tidal and discontinue its decentralized web project TBD. The shift came together with the latest dismissals at Tidal and TBD.
The move came after the company announced that it had completed the development of its Advanced three-nanometer (3nm) bitcoin mining chip. After performance, blocks want to focus on building a full bitcoin mining system.
The system aims to utilize Block’s expertise in product and software development, system technology, handling of supply chains and aftermarket support to create a comprehensive mining solution.