Cash App integrates Jack Dorsey’s non-custodial Bitcoin wallet. Dorsey, former Twitter CEO and co-founder, now develops Bitcoin. He co-founded Block, which makes Cash App, with Twitter.
The non-custodial Bitcoin wallet developed by Jack Dorsey, the former CEO of Twitter, has been integrated into Cash App. The renowned co-founder of Twitter is Jack Dorsey. Prior to Elon Musk’s entry, he served as its CEO for a considerable amount of time.
Since leaving Twitter a while ago, Dorsey has been working exclusively on Bitcoin development. It’s important to remember that he co-founded Block, the organization responsible for Cash App, in addition to Twitter.
The former CEO of Twitter’s new Bitcoin wallet on Cash App
In 2013, Square developed the app Cash App and released it under the name Square App.
Jack Dorsey co-founded Square, a financial organization that focuses mostly on payments, in 2009.
Square was rebranded Block, and it is now his de facto principal firm, of which he is president and CEO, after Dorsey departed Twitter to devote himself to development on Bitcoin in late 2021.
On the other hand, Cash App, which had previously been known as Square App, started providing Bitcoin buying and selling services as early as 2018.
The linked firm Cash App Investing LLC, which is 100% owned by Block Inc., is registered with both FINRA and SIPC. Cash App is a payment and money transfer app.
With the symbol SQ, Block is a publicly traded business on the Nasdaq.
It entered the stock market in 2015, a few years after launching Cash App, and, like many other equities, it peaked on the Nasdaq between 2020 and 2021.
Its stock price increased dramatically during that roaring bull run, rising from $80 to about $290 in less than 15 months.
However, during the 2022 bear market, the price dropped as low as $50 before somewhat increasing in 2023.
It is currently hovering at $66, which is significantly higher than the initial $11 in 2015 but still less than the pre-pandemic February 2020 value.
Bitkey is a bitcoin wallet
Contrarily, Block also developed the non-custodial Bitcoin wallet known as Bitkey.
Its objective is to make it possible for hundreds of millions of individuals to utilize a non-custodial wallet without experiencing any special hardship or issue.
In spite of the fact that non-custodial wallets are far more advised than ones that require users to entrust a third party with their money, they are still not particularly user-friendly.
It’s not by chance that the majority of Bitcoin and cryptocurrency users choose custodial wallets over other types of wallets because of how much simpler they are to use.
However, Bitkey also aims to link the current centralized national or regional fiat money systems with the decentralized, international financial system of Bitcoin.
In particular, Cash App, despite integrating Bitcoin buying and selling services, actually belongs to the first world, a world of controlled fiat money systems.
As a result, the inclusion of Bitkey in Cash App enables the connection between the decentralized financial system of Bitcoin and the centralized fiat money systems.
The official press release also states that Bitkey would be connected to Coinbase in addition to Cash App.
By collaborating with Coinbase and Cash App, Bitkey users will have a transparent and integrated experience when transferring and purchasing Bitcoin through those platforms, making the process of obtaining self-custody easier.
The partners’ partners’ Bitcoin purchase and transfer capability will be incorporated into the Bitkey app to promote the decision to choose self-custody.
In other words, customers will only utilize the non-custodial wallet interface, which also gives them access to Coinbase and Cash App’s fiat currency services.