Twitter Supremo, Jack Dorsey, revealed earlier this month of Square’s intentions to develop an open-source noncustodial Bitcoin hardware wallet. The social media network’s co-founder and founder of Square, a financial payments company, confirmed his plans to integrate Bitcoin’s Lightning Network side-chain into one of his businesses.
A Twitter user “deyonté” posed a question to Dorsey requesting him to integrate Lightning Network into either Twitter or Bluesky, which is Twitter’s decentralized social network whose development kicked off in 2019.
Dorsey responded to the user by saying that it is “Only a matter of time.”
Only a matter of time
— jack (@jack) June 11, 2021
Is this a Confirmation of a Lightning Integration?
The comment by Dorsey seems to be intentionally vague since the remark can go either way. He could be confirming that either Bluesky or Twitter, or both companies could be open to a Lightning integration.
Another Twitter user “mklad” noted that the remarks by Dorsey on the Lightning integration had something to do with Square’s acquisition of the failed music streaming platform founded by Jay-Z, Tidal.
Suddenly, Square’s Tidal acquisition makes sense
— m klad (@mklad) June 11, 2021
Square’s Recent Expansion Moves
Dorsey’s response came up in the middle of Square’s recent expansion moves broadening its digital asset operations.
Earlier this year, the company bought $170 million worth of Bitcoin. The company approximated its purchase to be around 3,318 Bitcoins, which is an expansion from the 4,709 Bitcoins purchase of October 2020. Square’s ongoing commitment to Bitcoin is part of its expansion into digital assets as the CEO has been a firm advocate of this digital currency.
Earlier this month, Dorsey tweeted about Square’s intentions to develop an open-source non-custodial Bitcoin hardware wallet. After these remarks, it came into the limelight that blockchain infrastructure firm, Blockstream, would partner with Square, and the latter would invest $5 million into a solar-powered Bitcoin mining facility. Blockstream’s chief information officer, Chris Cook, announced this partnership by outlining the plans for building an open-sourced mining facility at one of Blockstream’s United States operations.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
According to Cook, Square and Blockstream plan to bring forth public transparency by sharing the project knowledge and economics they have gained after developing a Bitcoin mine powered by renewable energy. Such continued investment in the transformation of digital assets has put Dorsey in the limelight as one of the leading CEOs to watch.