, 2022-05-18 17:06:50,
Block’s overarching purpose is to drive economic empowerment in the world and Bitcoin plays a central role in that mission, its chief executives said during the firm’s first Investor Day since 2017 on Wednesday.
“We believe Bitcoin is going to have a profound impact on financial services, particularly as a tool for economic empowerment and as a global currency for the internet,” Block’s finance lead Amrita Ahuja said during the online event following a statement that the company has “just scratched the surface” for driving further adoption of bitcoin in the U.S. and globally.
Ahuja shared her thoughts after Block chief Jack Dorsey opened the event with an introductory panel explaining the broader goal of the company and how it plans to achieve it.
Dorsey, a long-time Bitcoin proponent, said that Block’s approach is to create “an ecosystem of ecosystems” – with each business sector being dedicated to building an ecosystem on itself that can not only scale but feed back into other ecosystems across the organization.
Cash App And Spiral – A Case Study
Cash App’s recent integration of the Lightning Network, Bitcoin’s overlay protocol for faster and cheaper payments, is an example of how Block seeks to have different business units producing products that can feed back on each other.
The money transmitting app added support for Lightning payments through the Lightning Development Kit (LDK), software developed by Spiral, an independent subsidiary of Block focused on developing and funding open-source Bitcoin projects.
“Bitcoin is the best version of money,” said Spiral lead Steve Lee. “With our help, we believe it can become the world’s preferred currency.”
Cash App was one of the first business units of the company that was then Square to…
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