Twitter CEO and co-founder Jack Dorsey has resigned from the social media company and now looks poised to focus his full attention on his other company, Square Inc. With his well-documented enthusiasm for the crypto space, many believe he will now put more focus on integrating crypto-systems into Square.
Square Inc. is a US-based digital payments and financial services company that Dorsey and Jim McKelvey founded in 2009. Recently, Twitter revealed plans to form a dedicated blockchain and crypto team although its unclear whether this will introduce crypto payments on the platform. Twitter hasn’t announced plans to make any significant investments into Bitcoin, with CFO Ned Segal noting the assets volatility as a key factor for holding back.
Square, however, is potentially the third-largest public holder of Bitcoin according to bitcointreasuries.net with over $466 million invested. It falls behind the world’s largest public holder MicroStrategy with $7 billion and Tesla, with $2.5 billion.
Dorsey announced his stepping-down publically on Twitter with the words “not sure anyone has heard but, I resigned from Twitter” with a screenshot of his resignation email. In it he notes his support for current Twitter CTO Parag Agrawal, who will be filling his post.
Twitter stock did experience a minor spike on the news but has since retraced to previous levels. The overall cryptocurrency is up 3.3%, with Bitcoin back above $58,000 and looking ready to test $60k again.