From Big Tech to social media to retail, a growing number of companies are trying to create the “super app” that seven in 10 consumers say they want.
In a perfect world, this one-stop digital door would bring banking, savings, credit, retirement and payments together in one place. Some of them, like the WeChat-based version that Elon Musk says he wants to build based on Twitter, would roll in social media and a wealth of personal and marketing data that would come with it.
“Buying Twitter is an accelerator to create X, the app everything,” Musk said in an Oct. 4 tweet, building on earlier comments about Twitter’s transformation into a WeChat-like app that consumers Chinese “sort of live,” he said in May. .
“It does everything – kind of like Twitter, plus PayPal, plus a whole bunch of stuff, and all in one, with a great interface,” Musk said in May.
But should we have Crypto?
Certainly, Musk has made it clear that he wants to integrate crypto into Twitter. And all the crypto-friendly and crypto-focused companies like major US exchange Coinbase, stock and crypto trading platform Robinhood, Bakkt, and payment companies PayPal and Block say it has to.
This goes hand in hand with the belief that low-cost, real-time capable cryptocurrencies are both the future of payments and stores of value for investors. It also goes hand in hand with the belief that blockchain-based decentralized finance, or DeFi, will disintermediate traditional banks, investment firms, and other financial intermediaries.
During his third quarter earnings call on Thursday (November 3), Block CEO Jack Dorsey said much the same thing: “Over time, we want to work to be the principal because everything you need in your financial life, you can find it in Cash App Card. .”
That, he added, “is the goal, that’s what we’re focused on, and I think we have the best strategy to get there.”
Dorsey is a big proponent of bitcoin payments, saying at his Investor Day event in May that the first cryptocurrency is the “open standard for global money transmission” and will help “the whole of Block’s business to move faster globally”.
The CEO of crypto, payment and loyalty platform Bakkt, Gavin Michael, said in May that “we have passed this inflection point in terms of whether a company should have a crypto strategy. Consumers remain very interested in cryptocurrency and other digital assets. And that interest really isn’t waning.
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