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Jack Dorsey suggests future integrations with Lightning Network

Jack Dorsey suggests future integrations with Lightning Network

The Twitter and Square CEO tweeted earlier today that an integration with Lightning Network into Twitter or BlueSky was “Only a matter of time.”

The tweet in question was a response to Twitter user @deyonte_btc’s request to integrate Lightning Network either to Twitter, which Jack Dorsey heads as CEO, or BlueSky, a decentralized social network supported by Twitter. BlueSky was initially developed in 2019, with Dorsey hailing it as a new “standard for the public conversation layer of the internet.”

The remark comes as a confirmation that an integration with the Lightning Network sidechain for Bitcoin is under development. The tweet comes out as a controversial statement from Square’s chief executive, given the financial services firm’s recent strategic positions with the acquisition of Tidal, a music streaming platform, and the firm’s announcement of an expansion of operations for its digital assets. 

Despite this rather vague hint, Dorsey has earlier disclosed that Square, a financial services company that he founded, has plans on its development roadmap to develop an open-source non-custodial Bitcoin hardware wallet. The development of such a wallet could be linked to Square’s recent disclosure that it has partnered with blockchain infrastructure development firm Blockstream.

Dorsey is known in the crypto industry as a staunch proponent of Bitcoin mining as a way to incentivize adoption and innovation in renewable energy. Last week, Square also disclosed that it will be investing $5 million to facilitate the development and construction of a solar-powered Bitcoin mining facility.

This move follows through Square’s earlier pronouncement in December 2020 that it will be investing $10 million to the Bitcoin Clean Energy Investment Initiative, in a bid to “support companies that help drive adoption and efficiency of renewables within the Bitcoin ecosystem.”

According to industry data, Square currently ranks as the fifth public company with the largest Bitcoin hold listed on its balance. Square currently holds 8,027. At press time, this amount is valued at over $298 million.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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