Jay-Z and Jack Dorsey have hinted that their music streaming service, Tidal, could be eying integrations supporting nonfungible tokens (NFT) and smart contracts. Speaking during a conference on Monday hosted on Twitter Spaces, the duo emphasized the importance of introducing features that empower the artists using the platform, citing smart contracts, NFTs and analytics tools as examples. Despite Tidal lagging behind top music streaming services — with Tidal’s 2019 $166 million in revenue paling in comparison to the $2.8 billion and $7.44 billion generated by Apple and Spotify, respectively, during that same year — Dorsey and Jay-Z believe they can …

Jack Dorsey, co-founder and CEO of social media network Twitter and founder and CEO of financial services company Square, has confirmed he is planning to integrate Bitcoin’s Lightning Network sidechain with at least one of his businesses. On Friday, Dorsey responded to a question from Twitter user Deyonté, who had requested that Dorsey integrate the Lightning Network into Twitter or BlueSky — the decentralized social network Twitter has devoted manpower to developing since 2019. In response, Dorsey responded, “Only a matter of time.” Only a matter of time — jack (@jack) June 11, 2021 Dorsey’s comment appears intentionally vague, with …

Square Inc., a crypto-friendly mobile payments company, is planning to invest $5 million in a solar-powered Bitcoin (BTC) mining facility for Blockstream Mining, offering further insight into Jack Dorsey’s continued support for blockchain infrastructure. Chris Cook, Blockstream’s chief information officer, announced the collaborative partnership on Saturday, where he outlined plans to build the open-sourced mining facility at one of Blockstream’s United States operations. "Together, we plan to provide public transparency by sharing the project economics and knowledge we’ve gained from building a Bitcoin mine powered by renewable energy,” he said, adding: “Ultimately, we hope to demonstrate how bitcoin mining in …

Square Inc., the mobile payments company behind the popular Cash App, is strongly considering developing an open-source Bitcoin (BTC) wallet, signaling continued conviction in the future of digital currency payments. “Square is considering making a hardware wallet for Bitcoin,” CEO and co-founder Jack Dorsey tweeted Friday. “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.” Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the …

As corporate finance leaders prepare to set sail into the post-COVID-19 world amid inflation storm warnings, an increasing number of corporations are taking stock of their treasury reserve holdings. If the worst happens, and the dollar and other reserve currencies weaken, are they sure that all their balance-sheet cash is lashed down securely? It surely hasn’t escaped their notice, after all, that a number of public companies that “joined” Bitcoin (BTC) in a big way over the past year recently broadcast strong Q1 2021 earnings. Square, which holds $472 million worth of BTC, for instance, reported a quarterly gross profit …

Over the course of 2020 and 2021, Square bought over $200 million worth of Bitcoin (BTC). At present, the payments company does not anticipate picking up more of the asset, according to its chief financial officer, Amrita Ahuja. In an interview with Financial News published on Friday, Ahuja said: “We don’t have any plans at this point to make further purchases.” She added: “There’s no plans at this point to re-evaluate where we are from a treasury standpoint." Cointelegraph reached out to Square for additional comments but did not receive a response in time for publication. In October 2020, Square …

U.S.-based financial services firm, Square Inc, reports that its quarterly earnings doubled analyst expectations amid booming demand for crypto assets. Global financial data provider Refinitiv had predicted Square would see earnings of 16 cents per share in Q1 2021, but the firm ended up earning 41 cents per share. Square saw $5.06 billion in revenue, dwarfing Refinitiv's prediction of $3.36 billion. Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months. Square’s quarterly gross profit also surged 79% year-over-year to tag $964 million. More than half of the firm's profits can be attributed to …

Some of Bitcoin’s most prominent backers have sought to make the case for Bitcoin’s environmental efficiency, with a collaborative paper from researchers at financial services firm Square and investment manager Ark Invest asserting that Bitcoin mining can drive increased efficiency in renewable energy production. The paper, authored by “The Bitcoin Clean Energy Initiative,” or BCEI, seeks to counter the claim that “the computation required to secure Bitcoin [...] is environmentally damaging and ruining the planet,” arguing that Bitcoin mining incentivizes the generation of electricity “from renewable carbon-free sources.” The paper has received support from top crypto luminaries including Square’s Jack …

Square's Cash App, a Bitcoin-friendly mobile payments platform, has raised its minimum withdrawal requirements for BTC holders. The minimum withdrawal amount for Bitcoin accounts is now 0.001 BTC, or 100,000 satoshis, compared with 0.0001 BTC, or 10,000 satoshis, previously. With Bitcoin hovering around $51,800, 0.001 BTC is equivalent to $51.80. The leading cryptocurrency was in the midst of another large correction on Thursday, having fallen 6%. Bitcoin is down over 19% over the past seven days, according to CoinMarketCap data. “You must have a balance of at least 0.001 bitcoin to make a withdrawal,” reads Cash App’s withdrawal instructions. Users …

Major stakeholders in the cryptocurrency scene, like Coinbase and Square, have formed an alliance to better relate with policymakers and regulators on the subject of crypto regulations. They are joined by other major players in the cryptocurrency scene, such as Fidelity Digital Assets and crypto-focused investment firm Paradigm. Dubbed the Crypto Council for Innovation, the group aims to facilitate constructive dialogue with governments and regulatory agencies about the benefits of cryptocurrencies, according to the details published on the group’s website. An excerpt from the CCI’s website reads: “CCI supports governments and institutions worldwide in efforts to shape and encourage the …

Allocating capital to Bitcoin risks a backlash from environmentally conscious investors, according to author and co-anchor of CNBC's Squawk Box, Andrew Ross Sorkin. In a piece for the International New York Times, syndicated worldwide, Sorkin pointed to statements by Lawrence Fink, CEO of Black Rock — the largest asset managers in the world — indicating his company would make all future investment decisions based on “how they plan to meet the climate challenge.” Tesla’s $TSLA recent bet on bitcoin sullies its green credentials. Mining and transacting the cryptocurrency requires huge amounts of computing power and electricity, much of it from …

Square’s majority stake in Jay-Z’s streaming service Tidal could potentially result in some blockchain-related functionalities on the platform, according to one analyst. Avivah Litan, a technology analyst at consulting company Gartner, suggested that Square’s $297 million investment could push Tidal to start taking advantage of new technologies like blockchain and cryptocurrencies, Reuters reports Friday. With Square’s help, Tidal would specifically benefit from the technology of non-fungible tokens, or NFTs, which allows artists to certify ownership for photos, videos and other digital content, the expert noted. NFT technology could easily track the provenance of autographs and memorabilia, potentially making them even …