The firm plans to partner with companies that are already experienced in local fiat payment processing.
On March 1, nearly two years after Jack Dorsey’s technology conglomerate Block (known as Square at the time) announced plans to build a self-custodial Bitcoin wallet, the company revealed that more work still needs to be done regarding its plans and that Block is actively seeking partners “to make this a reality.” As told by Block, partnerships are required to move assets between fiat and Bitcoin financial systems and provide users with the access and information they need to buy, sell and store Bitcoin (BTC) securely and easily.
The company stated it is prioritizing a quality-over-quantity approach to select on- and off-ramp partners. Technical, product and UI expertise aside, Block said that potential collaborators would also need to demonstrate price transparency, depth in local payment method coverage, and competency in onboarding and withdrawal processes in order to satisfy its standards.
In addition to on- and off-ramp partners, Block is planning to build other types of partnerships, such as retail and distribution partners and payment partnerships, which the firm hopes will increase Bitcoin’s use cases and relevance as a payment method.
“We are already starting to put this criteria to work as we explore and build with potential partners today. Our goal is to have a few early partners integrated with us later this year as we bring our product to market and we expect those partnerships to grow in the months and years after that.”
American tech entrepreneur and billionaire Jack Dorsey has become an outspoken supporter of blockchain technology in recent years. On Dec. 1, 2021, Cointelegraph reported that Square changed its name to Block, as Dorsey stated the company would shift its focus to cryptocurrencies. On Nov. 19, 2021, Dorsey released a white paper outlining a decentralized Bitcoin exchange. However, there has been an apparent lack of activity after the initial announcement.
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