According to Jack Dorsey, the decision to allow the buying and selling of Bitcoin via Square’s mobile app was not universally popular with many of his colleagues.
Speaking at the Consensus 2018 tech conference in New York, Dorsey described the decision as being “pretty contentious move within the company”, according to Reuters, and apparently it remains a source of friction within the offices and boardroom’s of Square to this day.
Dorsey, also CEO of Twitter – which recently banned crypto-related adverts – has been a particularly effusive supporter of Bitcoin in the last few months, repeatedly stating that he believes it will eventually graduate to being a single global currency and the native currency of the internet. He took to the stage at the conference to double-down on his support for it, while also noting his views we far from universally shared among his fellow board members and colleagues.
“We have a lot of healthy skepticism in the company and a lot of people were certainly skeptics of this technology,” he said. “There is still a lot of skepticism, and still a lot of debate and disagreements and fights, but that is where the magic happens.”
In January, Square, a San Francisco-based company largely known for its credit card processing hardware for small businesses, began allowing users of its consumer payment service Cash App to buy and sell bitcoin.
The company raked in $34.1 million of revenue from the new bitcoin offering in the first quarter of this year, but didn’t make much profit from it – barely $200,000 in fact. That didn’t stop the move boosting its share price, though.
Dorsey has also been revealed as being an investor in Lightning Labs, a company whose purpose is to speed up Bitcoin transactions as well as making them cheaper – two of the central issues regarding Bitcoin’s adoption as a mainstream method of payment.