Steve Lee - Square Crypto is focused on Bitcoin, Which is a Great Brand
During a Twitter AMA session with Square’s crypto Head, Steve Lee mentioned "Square Crypto is focused on Bitcoin, not the publicly traded company’s specific products. Read Story on Adrypto
Square Crypto, the encryption division of the payment company Square which is founded by Jack Dorsey, the founder and CEO of social networking, emphasizes focusing on bitcoin rather than launching its own specific encryption product.
On Monday during a Twitter ask-me-anything (AMA) with the head of Square’s crypto team, Steve Lee mentioned "Square Crypto is focused onb Bitcoin, not the publicly traded company’s specific products.
Probably the single most inspiring moment in this AMA exchange:
The product we're focusing on is Bitcoin. It has been up and running for over 10 years… but there’s still a lot that needs to be done before we reach mass adoption.
Many participants seemed to assume that Square Crypto had been built to improve how the payments company serves its existing crypto users. Square’s Cash App has been steadily earning more money on sales of bitcoin, bringing in $65.5 million in revenue for the first quarter of 2019 alone.
However, enhancing the encryption capabilities of the Square Cash app is not the focus of the team. Some netizens asked, “Can companies using Square be able to integrate Bitcoin into payment options? This should reduce the processing rate of the business, but it will also increase the overall processing of Square. rate".
You would have to ask Square. We are focused on open-source Bitcoin development. We do hope our work improves as many products and businesses as possible, including Square and its competitors.
Still, in answering questions about supporting the Bitcoin core, Steve's answer sounds like the team has another vision of how to better use its resources:
Our programs are design-centric. This can lead to user interface, infrastructure and protocol development. Some projects may be completed in 3 months, and some projects may take 3 years. All of this will be with the open source Bitcoin community. The other members of the coordination are completed.
More on Square Crypto’s design sensibility has been shared on Medium.
Lee appears to be the team’s only hire so far. The Square Crypto account largely dodged questions about team size, but it did make clear that it’s close to bringing on another developer:
We’ve received more than 1,500 resumes and are blown away by how much interest there has been. I can say that we are very close to onboarding our first developer. We think the community will approve.
An AMA participant asked why it was not like the many companies in the past few years to launch their own tokens. Square Crypto responded with a tweet previously published by its founder, Jack Dorsey:
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
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