Bitcoin ‘Not Functional as a Currency’

Dorsey, who endorses the principles that created Bitcoin and the community that formed around it, went on to say that once crypto becomes the currency of the internet, Square would focus more on services that add value rather than those that enable money to be moved around.

Square and Twitter CEO Jack Dorsey has said Bitcoin will continue to be adopted more widely, but it is still too early to consider it a currency.

Make Bitcoin more usable and accessible as a currency

On Sept. 4, the outspoken Bitcoin advocate told the Australian Financial Review that he is convinced the No. 1 cryptocurrency will continue to be adopted more widely. However, Dorsey added:

“It’s not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”

Dorsey was visiting Melbourne for the launch of the Square Terminal, an all-in-one credit and debit card machine.

Dorsey loves Bitcoin

As Cointelegraph has previously reported, Square first announced in November 2017 that it would release a BTC trading option which prompted its stock to soar by $1 billion in five days.

In August 2019, Dorsey added:

“We love you, Bitcoin … we saw 3.5 million customers use Cash Card in June, typically using it to purchase multiple times per week. Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”

Gemini Hires Former Morgan Stanley Exec as New Chief Compliance Officer

The Winklevoss brothers’ cryptocurrency exchange Gemini has hired Noah Perlman, a former executive at financial services giant Morgan Stanley, as its new chief compliance officer.

Per an official announcement published by Tyler Winklevoss on Sept. 4, Perlman joined Gemini after 13 years at Morgan Stanley, where he worked as global head of financial crimes and global head of special investigations.

Legal and compliance background

The announcement states that Perlman had “firm-wide, legal and compliance responsibility for the governance, oversight, and execution of the firm’s anti-money laundering, sanctions, anti-boycott, anti-corruption, and government and political activities programs.”

According to Perlman’s profile on professional social network LinkedIn, prior to joining Morgan Stanley he worked as an Assistant United States Attorney at the U.S. Attorney Office of the Eastern District of New York and as a division counsel at the Drug Enforcement Administration.

Building its presence

In mid-August, Gemini hired cybersecurity expert David Damato as its new chief security officer. Damato previously created and led a cybersecurity team at security services firm Tanium.

That same month, Tyler and Cameron Winklevoss said they are open to partnering with archrival Mark Zuckerberg on Libra, claiming that the stablecoin represents a step towards mass adoption of cryptocurrency.

In June, Gemini opened up offices in Chicago that will serve as an engineering hub to support trading and custody operations.

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