Square Crypto Is Focusing On Open-Source BTC Development

Square crypto is the bitcoin-focused arm of Jack Dorsey’s payments company which has been very mysterious about their role in the crypto ecosystem. In today’s altcoin news we take a closer look at what the team has up their sleeve.

In order to be more transparent, Square Crypto hired the Google alum Steve Lee and started offering a glimpse of what is on the horizon. Jack Dorsey’s crypto business has no plans to launch its own cryptocurrency according to the ask-me-anything session he held earlier today, but he did however stated that Square crypto is about to catapult the No.1 cryptocurrency into the mainstream. This means that the company is ready to pave the way for payment processors including the ones that are not its parent company in order to build Bitcoin:

 “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.”

Despite the fact that Jack Dorsey has to businesses up his sleeve, when you ask Square Crypto about the chances of merchants using Square for payments that support bitcoin, they will usually say that they wait for an answer from the company. Steve Lee, however, has a different picture in mind as reported in the latest cryptocurrency news.

 “We think it is really important to grow the number of organizations supporting core development. We will open-source our “operational playbook” (as we develop it) to help lower the barriers to entry for other companies. First step is to build the team. We are aiming for one anchor dev with extensive Bitcoin development experience. Beyond that, we would like to grow the talent base contributing to the ecosystem.”

As for using bitcoin into the mainstream, Steve Lee has users that are both from the inside and outside of crypto in mind and also the project appears to be less about brand recognition for square but more to contribute to the better good of the entire crypto ecosystem. Square Crypto is unlikely to move into its parent company’s new digs since the MO. Big Square has signed a 15-year lease for new headquarters that allow Dorsey to double the staff if needed.