Which crypto companies might Twitter founder Dorsey go to next?
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Which crypto companies might Twitter founder Dorsey go to next?
If Bitcoin needs more help than Square or Twitter, I'd leave them to Bitcoin.
Navigating Web3 tides with focused insightsTwitter co-founder Jack Dorsey's decision to step down as CEO has left many wondering: What's next for him? Will he dive into building in the crypto space?
He hinted at this possibility during his speech at the Bitcoin 2021 conference in June, stating that nothing matters more to him in life than Bitcoin. "If Bitcoin needs me more than Square or Twitter, I will give myself to Bitcoin," he said.
Another possibility is whether he’ll join one of the crypto companies he’s already invested in—something that cannot be ruled out.
So, which cryptocurrency-related projects has Jack Dorsey invested in?
Lightning Labs: As the name suggests, this startup built the Lightning Network—a protocol designed to make payments on the Bitcoin blockchain faster and easier, essentially a Layer2 solution for Bitcoin. Dorsey invested $2.5 million in Lightning Labs’ seed round back in 2018. In September, Twitter rolled out Bitcoin tipping powered by the Lightning Network. The protocol also supports Bitcoin payments in El Salvador, which adopted Bitcoin as legal tender in September. If Dorsey were to join Lightning Labs, it would clearly fulfill his promise to dedicate his life to Bitcoin. The lightning bolt emoji has been part of Dorsey’s Twitter bio for months—could this be a hint?
Blockstream: In 2019, Dorsey became an angel investor in Blockstream. Square invested $5 million in June to help the company build a solar-powered Bitcoin mining facility. Considered a pioneer in the Bitcoin world, Blockstream focuses on developing cryptographic products for the Bitcoin blockchain, including wallets, mining services, payment networks, and enterprise implementation of the Lightning Network. Joining Blockstream could be a strong fit for Dorsey, especially given his expressed interest in Square’s development of Bitcoin mining hardware and crypto wallets.
Celo: This startup developed a mobile app for making crypto payments and accessing decentralized finance platforms. Dorsey joined as an angel investor during its early $6.5 million funding round in 2018. Like Dorsey, Celo is committed to making crypto accessible to mainstream users. However, its focus appears somewhat overlapping with Square’s initiatives. Now Celo is also building an EVM-compatible public chain—whether this interests Dorsey remains unclear.
CoinList: Dorsey participated in CoinList’s $19.2 million seed round in 2020. The platform enables crypto projects to list and sell their tokens. But for Dorsey, CoinList may not be appealing enough—or simply not aligned with his vision—as it caters more to DEGEN enthusiasts and scientists and does not focus on Bitcoin. At the 2021 Bitcoin Conference, he stated, “For me, no other tokens matter besides Bitcoin.” Dorsey doesn’t even认可 Ethereum, let alone other altcoins.
Sources:
Pitchbook
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