Beth Kindig shared her views on Square’s name change to Block, Jack Dorsey stepping down as Twitter’s CEO, and the upcoming opportunities to watch in an interview with CoinDesk.
Here’s an overview of the discussion.
Square is technically getting disrupted by Blockchain and this is prompting Jack Dorsey to embrace Bitcoin. I had discussed this two years ago in an article for MarketWatch where I stated the following:
“Finance is changing rapidly through mergers and acquisitions, but not rapidly enough. There will be tremendous pressure for traditional payment processors to get with the times and adopt blockchain, or else they will be left behind by lower-cost competitors …. The real value to consumers and merchants has yet to be seen. Square may have replaced cash registers, but the fees the company charges are as old-school as ever. Square charges 2.6% plus 10 cents per transaction … Digitization in the finance industry is built atop age-old infrastructure and ignores the most obvious area in need of disruption: transaction fees. Visa and Mastercard are making acquisitions to remain relevant and competitive, while PayPal and Square are getting on more devices with peer-to-peer apps such as Venmo and Cash App. Those moves won’t lead to massive growth. An overhaul of the infrastructure via blockchain will take some time, and only then will investors enjoy serious investment returns.”charges 2.6% plus 10 cents per transaction … Digitization in the finance industry is built atop age-old infrastructure and ignores the most obvious area in need of disruption: transaction fees. Visa and Mastercard are making acquisitions to remain relevant and competitive, while PayPal and Square are getting on more devices with peer-to-peer apps such as Venmo and Cash App. Those moves won’t lead to massive growth. An overhaul of the infrastructure via blockchain will take some time, and only then will investors enjoy serious investment returns.”
