Twitter and Square with big profits
Jack Dorsey, CEO of Twitter and Square, is increasingly committed to Bitcoin, cryptocurrencies and, above all, to the development of the Lightning Network.
The future of transactions
The two companies that share the same CEO, Jack Dorsey, have experienced an increase in the prices of their shares in recent weeks. We are talking about the giant social network Twitter and the payment gateway Square. On the one hand, Twitter shares (TWTR) had an important upward movement of almost 20%, while Square shares (SQ) appreciated almost 10% in the last week, adding a 25% increase in the price so far in 2020.
The great growth of these companies is accompanied by the great development that they are implementing with respect to the Lightning Network. As we have explained in BitcoNews in other publications, the Lighting Network is a technology used for Bitcoin and other cryptocurrencies that aims to solve the problem of scalability, that is, to achieve instant and practically gratifying payments for the user. Lightning Network functions as a "layer 2" through transactions made outside the Bitcoin blockchain.
Jack Dorsey has expressed his strong commitment to the crypto community and especially with the implementation of Lightning Network technology on both Twitter and Square. A few days ago, Twitter added a Bitcoin emoji with its symbol, while Square obtained a patent that allows cryptocurrency exchanges to real-time fiat money inside its Cash App wallet.
CEO Elizabeth Stark of Lighning Labs, the company that develops the Lightning protocol and related products, said: "If you think of the Visa network as this layer of payment for, say, when people are making transactions with dollars, Lightning is doing that for Bitcoin. " It should be noted that Lightning Labs raised USD 10 million in a series A financing round in early February 2020 and Dorsey was part of the investments raised.