Competitor PayPal is a member of the Libra Association
Square (SQ) was absent from the list of the inaugural members of the Libra Association, the entity that will ensure that Facebook’s (FB) Libra cryptocurrency works as intended. Nearly 30 companies have joined the Libra Association, with the roster including payment card networks Visa (V) and MasterCard (MA), digital payment provider PayPal (PYPL), and its former parent eBay (EBAY).
Others include ride-hailing company Uber Technologies (UBER), which went public in May, and digital music provider Spotify (SPOT), which earlier this year complained that Apple had been treating it unfairly. Apple hasn’t joined the Libra Association.
Square is a fan of cryptocurrency
Although Square didn’t show up among the Libra Association’s inaugural members, it can’t be said that it’s been locked out. Facebook hopes that 70 or more companies will join the association to lift its membership to at least 100 companies. Libra looks like the sort of stuff that Square would be excited about. Square runs a service that allows people to buy and sell Bitcoin, the world’s most famous cryptocurrency, through its Cash App peer-to-peer payment platform. The Bitcoin business generated $65.5 million in revenue for Square in the first quarter, up from $34.1 million a year earlier.
Square CEO Jack Dorsey believes that cryptocurrency can help boost financial inclusivity, which is why he’s excited about it. In March, Dorsey announced that he was forming a special team that would work specifically on cryptocurrency projects.