Bitcoin Proponent Jack Dorsey Resigns as CEO of Twitter

Jack Dorsey, Bitcoin advocate, quits as Twitter CEO. The company announced this on Monday.

Dismissal after 16 years

Jack Dorsey has stepped down as CEO of Twitter, the social media company has reported. Parag Agrawal, the former CTO of Twitter, becomes CEO. Dorsey will, however, retain his position on the company’s board of advisors.

In a letter of resignation shared on Twitter, Dorsey wrote:

“After nearly 16 years with the company from co-founder to CEO to executive chairman to interim CEO to CEO, I’ve decided it’s finally time to leave.”

Dorsey, 45, is also the CEO of Square, a digital payments company he runs alongside Twitter.

Dorsey co-founded Twitter in 2006 and served as CEO of the company until 2008 before being forced out of that role. He returned in 2015 after former CEO Dick Costolo resigned.

Twitter shareholder Elliott Management tried to oust Dorsey from the CEO role last year. It questioned the validity of running two public companies at the same time. A deal was eventually struck with Twitter’s management, allowing Dorsey to extend his time at the company.

Dorsey made Square’s Cash app a major player in the peer-to-peer payments market. People can easily buy crypto with fiat and send payments to friends or suppliers. Moreover, both Dorsey and Square are at the heart of Bitcoin investment and development.

Dorsey and Bitcoin

Dorsey herself is a staunch Bitcoin advocate, while Square helped spark a wave of institutional adoption of Bitcoin last year when it first bought Bitcoin for its treasury.

Square is also creating a suite of tools for developers working on financial services products, including a Bitcoin hardware wallet.

Earlier this year, Dorsey announced that Square is creating a new branch that will facilitate “non-custodial, permissionless and decentralized financial services” with a focus on Bitcoin.

Other plans include building a Bitcoin-focused decentralized exchange, as well as Bitcoin mining platforms.

However, the question remains what Dorsey’s departure will mean for Twitter’s own plans regarding cryptocurrencies and the underlying technology.

Earlier this month, the platform said it would launch Twitter Crypto, a dedicated team to explore decentralized apps with the ultimate goal of exploring the possibility of incorporating decentralized technologies into the platform’s products and infrastructure.

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