Twitter and Square CEO Jack Dorsey is back in the news thanks to his support of a new cryptocurrency startup.
Dorsey: Becoming the Face of Crypto?
That startup is known as Coin List, and Dorsey recently took part in a $10 million funding round to help the venture begin its operations. The company is designed to help other crypto businesses garner funds through token sales. Executives say they are looking to utilize the funds for several purposes, including building Coin List Trade, a new crypto exchange and digital wallet platform.
Dorsey has always been a strong advocate of cryptocurrency, bitcoin especially. In 2018, the tech entrepreneur claimed that in roughly ten years, bitcoin would be the official currency for the globe, meaning that everyone would be confined to using one currency (and it would probably be bitcoin). Thus, Dorsey hinted at the end of fiat cash like the U.S. Dollar and the euro.
At the same time, Dorsey isn’t just shelling out praise for every crypto project that comes along. Recently, he took a jab at Mark Zuckerberg – another social media mogul – and Facebook’s new cryptocurrency Libra. He stated adamantly that Twitter would never join the likes of the Libra Association. He also hinted that Libra was not even a currency, and more than likely just a “gimmick.”
Nothing within Libra had to be a cryptocurrency to do what they want to do. They use that label literally. It’s completely incorrect… I don’t know if it’s a gimmick, but cryptocurrency wasn’t necessary to make that thing work.
This is the first time Dorsey has worked to support Coin List. Last year, the company completed a Series B funding round that garnered funds from the like of Poly Chain Capital and the Digital Currency Group.
Winning Where Zuckerberg Is Failing
Dorsey has also explained that he is now paying Twitter employees to devote their time towards developing bitcoin core projects, as well as other “cryptocurrency ecosystem” ventures. In his latest appearance on a Joe Rogan podcast, Dorsey became something of a crypto champion when he stated:
I believe the internet will have a native currency… I don’t know if it’s bitcoin, but I think it will be given all the tests it’s been through, the principles behind it, and how it was created. [Bitcoin] is something that was born on the internet, that was developed on the internet, that was tested on the internet. It is of the internet.
What’s interesting is that one could argue that Zuckerberg is working harder towards becoming the face of crypto, yet he’s failing in spades when compared with Dorsey. The Twitter CEO is just touting crypto; Zuckerberg is trying to build one, yet he seems to make regulators and the general public angry no matter what he tries.