The popular BTC advocate Jack Dorsey stepped down as a Twitter CEO according to the announcement from the company at the start of the week so let’s read more in our latest Bitcoin news today.
The popular BTC advocate stepped down from his role as chief executive officer of Twitter as per the announcement from Twitter. Parag Agrawal, the former CTO of the company will now take over as CEO while Dorsey will maintain his position on the board of advisors. In a resignation letter shared on the social media platform, Dorsey wrote:
“after almost 16 years of having a role at our company…from co-founder to CEO to exec chair to interim-CEO to CEO…I decided it’s finally time to leave.”
The 45-year old is the CEO of Square, a well-known digital payments company that he ran alongside Twitter. Dorsey co-founded Twitter in 2006 and was the company’s CEO until 2008 when he was forced out of the role but then he returned for a second term when former CEO Dick Costolo resigned. Twitter stakeholder Elliott Management wanted to oust Dorsey from his role a year ago as it questioned the validity of him running two major companies at the same time. A deal with Twitter management was reached and allowed Dorsey to extend his stay at the company. Dorsey made Square’s Cash App a huge player in the peer-to-peer payments market as it allows people to buy crypto with fiat and send payments to friends or other vendors. What’s more important is that both Square and Dorsey are the biggest endorsers of Bitcoin.
Jack Dorsey is a heavy Bitcoin evangelist while Square helped kick off a new wave of Bitcoin institutional adoption last year when it purchased BTC for its treasury. Square is also creating a huge range of tools for developers that are working on financial services products like a bitcoin Wallet. Dorsey announced that Square is creating a new branch that will facilitate the noncustodial and decentralized financial services while still focusing on Bitcoin. Other plans include creating a bitcoin-centric decentralized exchange as well as Bitcoin mining rigs. The question still remains whether Dorsey’s departure will be good for Twitter’s plans regarding crypto. Earlier this month, the social media giant said it was launching Twitter Crypto as a dedicated team to explore Dapps and try to incorporate decentralized technologies into the platform.
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