Jack Dorsey says Bitcoin payments for Square and Bitkey are in progress

Key Takeaways

• Jack Dorsey confirms development of Bitcoin payments for Square and Bitkey.
• Dorsey's Block is a major Bitcoin holder, currently owning 8,485 BTC valued at over $700 million.

Jack Dorsey, co-founder of Block, the fintech firm behind Square and Bitkey, has confirmed that his team “is working on” integrating Bitcoin as a payment option for Bitkey and Square.

Dorsey’s statement came in response to an X user’s question about the delay in enabling Bitcoin payments across Block’s services. He also pushed back against the idea that the process is “a simple flip of a switch.”

While Dorsey affirmed the company’s commitment to integrating Bitcoin payments, he did not provide a specific timeline for the rollout.

Founded by Dorsey and Jim McKelvey, Block, Inc. owns and operates a diverse portfolio of products and services, including Square, Cash App, Afterpay, Tidal, Bitkey, and Proto.

Bitkey is a self-custody Bitcoin hardware wallet that allows users to manage and store their Bitcoin securely without relying on third-party exchanges or custodians.

The wallet was launched in late 2023, around four years after the launch of Square as a comprehensive point-of-sale solution.

Block focuses on Bitcoin mining expansion

Block is one of the world’s top Bitcoin holders. As of the latest data, the company holds 8,485 BTC worth over $700 million.

In a letter to its shareholders last November, Block announced its plans to ramp up its investment in Bitcoin mining and its Bitcoin self-custody wallet Bitkey. The company aims to become a leader in bitcoin mining, citing strong market fit and a robust demand pipeline.

To prioritize these goals, Block said it would scale down its investment in the music streaming app Tidal and wind down its decentralized web project TBD. The shift came alongside recent layoffs at Tidal and TBD.

The move came after the company announced it had completed the development of its advanced three-nanometer (3nm) Bitcoin mining chip. Following the achievement, Block wants to focus on building a full Bitcoin mining system.

The system aims to leverage Block’s expertise in product and software development, system engineering, supply chain management, and aftermarket support to create a comprehensive mining solution.