Jack Dorsey And Brian Armstrong To Team Up on Building Bitcoin Payments System

Jack Dorsey, the tech mogul, has expressed his willingness to collaborate with Coinbase CEO, Brian Armstrong, in creating a global Bitcoin payment system.

Armstrong emphasized the need for a free and instant cryptocurrency payment system, and Dorsey responded positively.

Armstrong believes that achieving an average payment of under one cent and confirming it within one second would be a significant milestone towards achieving this goal.

He believes that the integration of layer 2, better onboarding experiences, and simpler user experiences are essential to achieving this vision.

Armstrong expressed his belief that cryptocurrency has the potential to revolutionize global payment infrastructure, but only if layer 1 issues can be addressed.

He likened payments to water, flowing along the path of least resistance.

Dorsey responded and said the following:

“Why do you continue to ignore Bitcoin and Lightning?

What ‘crypto’ is a better money transmission protocol and why?”

According to Armstrong, he is exploring options to incorporate Lightning, a Bitcoin layer-2 that facilitates quicker BTC transactions.

He even extended an invitation to Dorsey to collaborate with him in creating something innovative.

Dorsey expressed his willingness to collaborate with Armstrong, emphasizing that the primary focus should be on Bitcoin and layer-2 technologies.

He acknowledges and appreciates Coinbase’s contribution in introducing more individuals to Bitcoin than any other entity.

Dorsey suggests that directing more resources towards Bitcoin and layer-2 technologies would be remarkable, and he is eager to partner.

He emphasizes the need for an open protocol for internet money transmission that is not under the control of any individual, company, or government.

News sources have reported that Coinbase has been instructed by the U.S. Securities and Exchange Commission (SEC) to halt all cryptocurrency trading except for Bitcoin (BTC) until the regulator presses charges against the company.

Brian Armstrong, the CEO of Coinbase, has shared that the SEC did not provide any additional reasoning for the suspension of non-Bitcoin trading on the platform.