Twitter Founder Edges Closer to Cryptocurrency Launch

Twitter Founder Edges Closer to Cryptocurrency Launch

Jack Dorsey, the founder and CEO of social network, Twitter, is getting ever closer to the launch of his very own cryptocurrency.

For some, founding one of the most popular social media brands in the world might be enough. For others, creating a successful payment system will tick the box of satisfaction. To accomplish both is a feat unimaginable to 99.9% of the population.

As such, Dorsey, the man who has done both of these things is nothing more an anomaly. An exceptional anomaly. Where does one go after that? Well, launching a cryptocurrency is certainly one way to go, considering its growth. This is exactly what is on agenda for Dorsey next with plans well in the making.

With all that has come before it, this crypto project by Dorsey has naturally sparked interest across the financial community, both crypto and otherwise. With many believing it will help pave the way for wider spread crypto adoption.  And it is getting closer.

A Growing Team

The project is set to be based around Dorsey’s payment system, Square, which is already heavily involved in bitcoin sales. In fact, last year it made a bitcoin profit of just shy of $1 million. The intention for the latest project, however, is to integrate crypto into the service properly. With the project currently known as simply, Square Crypto, that it is now slowly coming into fruition.

Back in March, plans to recruit a team were shared on his own Twitter page. Where Dorsey himself requested “3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem.”  The tweet went on to explain how the applicant would report directly to Dorsey, who offered to even pay the potential candidates in bitcoin. Now it seems, that they are edging ever closer with the hire of their first full-time employee and at least one role is set to be filled.  

What’s Best For Crypto

The reason so many people are so hyped up for the currency’s potential, aside from the founder’s previous form, is the promises that have been made by Dorsey. He has gone on record to say that currency is built with the intention in mind not to generate revenue, but to help further the crypto community. Dorsey previously stated that his potential employees “Will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.”

Even in the more recent announcements from the company, they have doubled-down on the prospects of their new project. A recent tweet by Square read, “we are building open source projects that will make mass adoption not just possible but inevitable. Our goal isn’t to make money, but to improve it.”

Now We Wait…

While all this sounds very promising, much of the inner workings are still shrouded in mystery and while early reports are exciting, there is still a long time to wait. So it is baby steps for now, but it seems like a project that is sure to make a big boy splash.

Before that though, Facebook are likely to beat them to the social media crypto punch, as their Libra project is poised for launch in just a few months.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

Coinbase,Cryptocurrency,Exchange Platforms,Investment

Chainlink Trading Launched on Coinbase

The Ethereum-based Chainlink (LINK) is now possible to be traded on Coinbase. Coinbase had already begun accepting inbound transfers LINK yesterday (26th June) at 10 am (PT) on their Coinbase Pro service. Stating that they will accept deposits for a full 12 hours prior to enabling full trading. The standard four-phase approach that Coinbase uses […]

27 June, 2019
Changelly,Cryptocurrency,Promotion,Simplex

Changelly Slash Fiat to Crypto Prices Until 10th July

Changelly have announced that up until the 10th July 2019, users will be able to purchase major cryptos with their fiat currencies for a discounted price. The new offer is to celebrate the fact that you can now purchase Binance’s native coin, Binance Coin (BNB) on their service. In a partnership with Simplex, a payment […]

27 June, 2019
Exchange Platforms,Funding,Investment,Kraken

Kraken Raises More Than $13 Million In Fundraising Round

Leading exchange platform, Kraken has revealed they raised over $13 million in a new fundraising round. The San Francisco-based firm was hoping to make $10 million in this latest round of fundraising, but in fact, surpassed that mark with ease. In total, 2264 investors contributed to a total fund of $13.5 million. This more than […]

26 June, 2019
CoinEx,Exchange Platforms,Margin Trading

CoinEx Launch Margin Trading Feature

CoinEx launched their new market trading feature earlier this week which promises to “further advance the trading experience” on the service. The new service was rolled out on Monday (24th June 2019) and offers 4 separate features that make it stand out as a great addition to their platform for users. These are a Forced […]

26 June, 2019
Facebook,Project Libra,Stablecoin,USA

US House of Representatives Set Date for Project Libra Hearing

United States House Financial Services Committee have announced that they have set a date for a hearing of the impending arrival of Facebook’s Project Libra to the crypto market and its impacts. Facebook’s own stablecoin released its white paper last week and naturally, it caused a stir. As has been the case for a long […]

25 June, 2019
Bitfinex,Derivative Trading,Exchange Platforms

Will Bitfinex Offer Maximum Leverage on Derivative Trading?

The exchange platform Bitfinex are poised to begin derivative trading and it could be with maximum leverage it seems. With a member of their upper management having pointing towards the potential of this occurrence. Paolo Ardoino, their CTO announced implied to happen via Twitter last night, when he posted a leverage meter bar with the […]

25 June, 2019
Exchange Platforms,IEO

Huobi Exchange Review: Should Huobi be launching IEOs?

Huobi is a long-standing cryptocurrency exchange. It was originally founded in China, and as such, suffered some setbacks in the aftermath of China’s crypto exchange ban. While its fellow Chinese exchange Binance has managed to thrive and gain significant fame, Huobi has floundered a bit since relocating to Seychelles. A big black mark that will […]

25 June, 2019
Acquisitions,Exchange Platforms,Kraken,Trading

Kraken Completes Acquisition of Crypto Facilities in 9-Figure Deal

Major exchange platform, Kraken have announced they have finalised a deal which sees taking ownership of the multi-level crypto business, Crypto Facilities. The news broke today via a press release shared by Kraken in which they explained the new means that the pair combined “creates a global leader in cryptocurrency spot and futures trading”. London-based […]

24 June, 2019