Square, Jack Dorsey’s mobile payment company launched a project called ‘Square Crypto’ back on March 20, 2019.
Around the same time, Dorsey announced that his company would hire three or four developers and a designer to work on the open-source Bitcoin ecosystem.
Square Crypto recently tweeted that ‘they’re close to making their first hire’. The company also claimed that Bitcoin mass adoption is “inevitable”
Dorsey’s long term vision with his Square Crypto has been to improve the system than to make money.
In the words of Jack Dorsey,
“This will be Square’s first open source initiative independent of our business objectives. These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.”
The bitcoin community has speculated that Square Crypto will also work on integrating the Lightning Network, a second-layer protocol designed for instantaneous Bitcoin payments. Dorsey is also an investor in Elizabeth stark led Lightning Labs which is mainly working on lightning network implementation so it is in his self-interest to help in the adoption of Bitcoin.
Square is the first and only publicly traded company to support Bitcoin purchases. The company has seen an increase in revenue in Bitcoin sales through its Cash App. Square reported $66.5 Million in Bitcoin sales for the first quarter of 2019, the highest ever.
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