Back in 2010, the startup “Square, Inc.” started. Square is now called Cube and is a digital payments company based in San Francisco, California. The company was founded by Twitter founder and former CEO, Jack Dorsey as well as Jim McKelvey. Today, Cube is making changes beyond its name and moving deeper into new spaces. Like Amazon is no longer just a bookstore or even an e-commerce platform, Cube is going above and beyond. It started with peer-to-peer payments and bank-like products with Cash App, but since then the firm has acquired Afterpay and Jay-Z’s Tidal music streaming service. Moreover, Cube operates an FDIC-insured bank for crypto. The Tidal music purchase was especially interesting with Jack Dorsey taking a bet on the creator economy, which he argues will continue to grow as artificial intelligence removes “more and more of the need for mechanical work.” And that “This will be a massive economy in the future, and we see an opportunity to be a big part of it, all using the tools and platform we’ve already built.”
Even with the crypto economy suffering at the moment, Dorsey sees a promising future in crypto. One interesting detail of Dorsey’s perspective, however, is that unlike many in the crypto space he believes the “internet requires a currency native to itself, and when looking at the entire ecosystem of technologies to fill this role, bitcoin is currently the only candidate.” What do you think about Cube’s moves in fintech? And do you agree with Dorsey’s opinion on Bitcoin?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.