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Square Crypto Adds 3 New Members to Complete Inaugural Dev Team



Over the years, Square (NYSE:SQ) managed to emerge as one of the most innovative payments company in the United States, and it is no surprise that the company came up with Square Crypto in 2019. Back in March this year, Square made the announcement that it was going to go into crypto, and now the company has started hiring to kickstart the project.

Completes Inaugural Developer Team

The company announced that it has completed the ‘inaugural developer team’ for the project and has made key appointments already. The development team will be involved in developing the base for Bitcoin development, and it is going to be open source in nature.

One of the appointments to the development team is that of Arik Sosman, who previously worked at BitGo and Facebook (NASDAQ:FB). In addition to Sosman, the other two people added to the Square Crypto team include Jeffrey Czyz and Valentine Wallace. Wallace used to work for Lightning Labs while Czyz had been associated with Google (NASDAQ:GOOGL). Sosman shares his thoughts after having joined this small team. He said, “I’m extremely excited and grateful for the opportunity to join this amazing team, and to focus on contributing to the most important cryptocurrency and ecosystem.”

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That being said, the company had earlier sent out a tweet on Thursday in which it stated that it was still unsure about its first crypto project. The new business created by Square is going to be completely separate from its core payments business.

However, it is still a major development for the crypto space and is another indication that some of the more serious tech-based firms in the world have grasped its importance. The other existing team members include Steve Lee and Matt Corallo. Lee stated that at this point in time, the team is prepared to take up any crypto project as long as it goes towards the improvement of Bitcoin.

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Square Wins US Patent for Fiat-to-Crypto Payments Network



Square, the payment services provider founded and run by Twitter’s Jack Dorsey, has won a US patent to launch a new network that enables crypto-to-fiat transactions.

Square was founded in 2009 by Jack Dorsey and Jim McKelvey in their hometown of St. Louis, around the same time as Dorsey’s other company, Twitter (NYSE:TWTR), was beginning to take off. In the intervening year, Square’s white payment terminals have become synonymous with the advent of contactless payment. The new patent covers a payment system that allows users holding different assets to transact with each other in real-time, a major advancement towards the mainstream usage of digital assets in day-to-day business.

Square officially launched its crypto division in March of last year, with the inaugural dev team being completed in September.

“The present technology permits a first party to pay in any currency, while permitting the second party to be paid in any currency,” said Square’s patent application. The technology will be able to automatically exchange the sender’s payment into an asset specified by the receiver. There are a host of applications for a technology of this nature and could be particularly applicable to the retail sector where, at present, most cryptocurrencies are too volatile to be used as an acceptable form of payment.

Dorsey has been a major proponent of the widespread adoption of cryptocurrency and has often stated his belief that Bitcoin (BTC) could become the “native currency” for the internet. Square integrated Bitcoin into its system in 2018 but has been reluctant to comment on the possibility of adding more digital assets.

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Also today, Square Crypto has launched a Lightning Development Kit (LDK). This is similar to a standard software development kit (SDK) but is focused on the Lightning Network, which is a second-layer scaling solution that essentially takes the pressure of some transactions off the main chain to allow for lightning-fast, minimal cost, and cross-chain transfers. This will allow developers to create custom integrations to the Square network in an “easy, safe, and configurable way.”

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Square is Hiring | You Can Be Paid in Bitcoin if You Want



Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team.

Square Bitcoin Payments

If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.” 

The Square cash app already supports Bitcoin purchases and sales so it is intriguing to think of what these new hires may be working on.

But beyond that tweet, information is scarce. However, what is notable, is that these new hires will be able to be paid in Bitcoin if they so choose. It makes sense that Square would offer this option, Dorsey being a major advocate of cryptocurrency, earning himself the nickname Bitcoin Evangelist.

His belief is that Bitcoin should become the world’s single native currency and using it is moving forward.

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Dorsey added in a separate Tweet that “the most impactful thing” his company can do is to build upon the current cryptocurrency ecosystem. And this is one way it can give back to the community.

He commented:

“Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.”

Dorsey recently spoke in a podcast about the Square app saying how payment apps like it are the future for cryptocurrency:

“We’re empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.”

What do you think? Would you like a job working for Square?

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