Cash App: The former Twitter CEO’s bitcoin wallet

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Cash App has announced the integration of Bitkey, the non-custodial bitcoin wallet created by former Twitter CEO Jack Dorsey.

Jack Dorsey is the famous co-founder of Twitter. He was also the CEO for a long time until the arrival of Elon Musk.

Dorsey hasn’t been on Twitter for a while now and is now dedicated to bitcoin development.

It should be noted that in addition to Twitter, he also co-founded Block, which is the company behind Cash App.

Former Twitter CEO’s New Bitcoin Wallet on Cash App

Cash App is an application created in 2013 by Square, and launched on the market under the name Square App.

Square is a primarily payments-focused financial company co-founded in 2009 by Jack Dorsey.

When Dorsey left Twitter to focus on Bitcoin development at the end of 2021, Square was renamed Block, and it is now its de facto core business, of which he is the CEO.

Square App, on the other hand, was renamed Cash App years earlier and, as early as 2018, started offering Bitcoin buying and selling services.

Cash App is an application for payments and in particular for money transfers, and the related company Cash App Investing LLC, 100% owned by Block Inc. is registered with FINRA and SIPC.

The history of the block

Block is a publicly traded company on the Nasdaq with the ticker SQ.

It went public in 2015, a few years after the launch of Cash App, and had its heyday on the Nasdaq between 2020 and 2021, like so many other stocks.

During this resounding bull run, its stock price rose from $80 to nearly $290 in less than a year and a half.

However, with the 2022 bear market, the price fell as low as $50 and then recovered somewhat in 2023.

It is now hovering around $66, still lower than the pre-pandemic February 2020 figure, but well above the initial $11 in 2015.

The Bitkey Bitcoin Wallet

Bitkey, on the other hand, is the non-custodial bitcoin wallet also created by Block.

Its goal is to allow hundreds of millions of people to use a non-custodial wallet without any particular difficulty or problem.

Indeed, while non-custodial wallets are by far more recommended than those that require users to leave their funds in the custody of a third party, they are still not particularly easy to use.

It is no coincidence that most bitcoin and cryptocurrency holders insist on using custodial wallets, simply because they are much easier to use.

But Bitkey also has another explicit goal: to connect the world of today’s centralized national or regional fiat currency systems and the distributed, borderless financial system of Bitcoin.

In particular, Cash App actually belongs to the first world, that of centralized systems of fiat money, even if it integrates services for buying and selling Bitcoin.

Thus, the integration of Bitkey in Cash App serves precisely to enable the connection between the distributed financial system of Bitcoin and that of centralized fiat money systems.

Moreover, the official press release reveals that in addition to Cash App, Bitkey will also be connected to Coinbase.

By partnering with Coinbase and Cash App, Bitkey users will be able to transfer and purchase Bitcoin through these platforms with a seamless and integrated experience, simplifying the path to self-custody.

To encourage the choice of self-custody, partner buy and transfer Bitcoin functionality will be integrated into the Bitkey app.

In other words, users will only use the noncustodial wallet interface, through which they can also use Coinbase’s fiat currency services and Cash App.

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