Square CEO Jack Dorsey wants his company to be at the forefront of getting cryptocurrency accepted as legitimate means of global payment.
"The internet is going to have a native currency so let's not wait for it to happen, let's help it happen," Dorsey said on stage at the Consensus blockchain conference in New York Wednesday. "I don't know if it will be bitcoin but I hope it will be."
The CEO, who also runs Twitter, said he's a "huge fan" of bitcoin and appreciates its underlying technology.
Using it or another cryptocurrency as a global currency would lower the barrier for Dorsey's payments company to enter new markets, he said.
"If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we're in," Dorsey said. Since Square deals with fiat currency, Dorsey said the company has to approach each market differently, find a unique banking partner, and work with different regulators depending on the country.
Square launched cryptocurrency trading through its Cash app in January.
The payments processing company said it sold a total of $34.1 million in bitcoin in the first quarter. Square spent $33.9 million to buy bitcoin to allow people to trade it through its Cash mobile payments app. As a result, adjusted revenue from bitcoin was just $200,000.
Square's mobile payment app is growing faster than PayPal's Venmo and is getting an added boost because it allows transactions in bitcoin, according to Nomura Instinet.
Dorsey has been notoriously bullish on bitcoin's role in the future of payments, and told the Sunday times newspaper in March he expects bitcoin to become the single global currency within the next decade.
Dorsey is a personal investor in bitcoin and said he expects the digital currency to be used for simple things like coffee. The CEO predicted a 10-year timeline "but it could go faster," the U.K.-based paper reported.
Others, including Stanley Druckenmiller, have been skeptical about a practical use for bitcoin. He told CNBC in December that he doesn't hold bitcoin and it won't work as currency "because you can't do transactions, particularly retail transactions, with this kind of volatility."
Bitcoin has fallen roughly 40 percent this year, and was trading near $8,260 Wednesday.
Zedd, 3LAU and Big Sean: Tickets On Sale for First Blockchain Music Festival
Tickets for the first music festival set to be powered by blockchain technology are now on sale.
Scheduled for this fall, the Our Music Festival is launching its own virtual currency — the OMF toke
How Crypto Reacted to This Week's SEC Bitcoin ETF Delay
It was an expected result at an unexpected time.
The news broke on August 7 that the U.S. Securities and Exchange Commission (SEC) is kicking the can on its decision to approve or disapprove a prop
Microsoft Looks to Trusted Computing for Blockchain Security Boost
Two newly published patent applications from Microsoft suggest that the software giant is looking at the use of trusted execution environments, or TEEs, within its blockchain offerings.
Crypto Millionaire Lost 5,500 Bitcoins in Alleged Investment Scam
A 22-year-old cryptocurrency millionaire has lost more than 5,500 bitcoins in an alleged investment scam in Thailand – one that drew public attention due to the involvement of a local actor.
China's Communist Party Publishes Blockchain Tech 101
China's Communist Party is moving to make blockchain literacy the norm across public offices with the publication of an explainer for officials and members.
Released by the publishing house of the
Blockchain Social Network Minds Is Migrating to Ethereum for Launch
Blockchain-based social network Minds is migrating its platform to the ethereum network, the startup announced Monday.
After roughly four-and-a-half months on its Rinkeby test network, the startup
Bitcoin Trading Is Illegal in Saudi Arabia, Warn Watchdogs
A governmental committee comprised of Saudi Arabian regulators has issued a statement clarifying that cryptocurrency trading is illegal in the kingdom.
According to a statement issued Sunday, the s
Former S&P President Leads Seed Round for ICO Compliance Startup
Regtech and compliance startup iComply has just completed a seed funding round led by former Standard and Poor's president Deven Sharma.
The firm – which seeks to develop standard compliance tools