The future of Block will be shaped by Bitcoin, Dorsey tells investors
Block founder Jack Dorsey explained to investors at its virtual “investor day” that Block should be seen as an ecosystem consisting of cryptocurrency and music streaming services, along with its payments business
“It’s difficult to fit a company like Block into a single category,” Dorsey said in his presentation to investors
The company has continued its expansion into other industries, notably Bitcoin-related sectors, saying its payments business is but one part of its plans for future growth
The company’s main goal going forward is to drive economic empowerment, with Bitcoin at the centre of this vision.
“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 event.
The Cash App’s recent integration of the Lightning Network is an example of how Block plans on integrating its ecosystem of various products and payments options.
“Calling Block a payments company is like calling Amazon a bookseller,” CFO Amrita Ahuja told CNBC following the investor day.
Indeed, Block, formerly Square, has since its start in 2009 undergone a name change in line with its future growth plans in the crypto space, particularly Bitcoin and blockchain. It also moved into the payments space with its Cash App, and acquired a music streaming service that was started by Jay Z.
“We are no longer just a payments company,” Dorsey said during the event. “A lot has changed since our last investor day,” which was seven years ago.