The crypto initiative of payment company Square, Square crypto recently announced that they are allocating $100,000 on grants to the BTCPay Foundation.
— Square Crypto (@sqcrypto) September 14, 2019
Square integrated bitcoin in 2018, when its Cash App began selling the cryptocurrency to users. This service generated over $190 million in revenue over the first two quarters of this year, yielding shy of $3 million in gross profit. Dorsey said Square’s exposure to various payment methods could help the company “weather storms,” referring to economic downturns.
The announcement for the news said:
“BTCPay represents everything we love about open-source bitcoin projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys, and self-validate their coins. It also creates powerful real-world applications for bitcoin without sacrificing user experience or requiring trusted third parties.”
In an earlier interview, Dorsey had said:
“In the long term it will help us be more and more like an internet company where we can launch a product … and the whole world can use it, instead of having to go from market to market, to bank to bank to bank and from regulatory body to the regulatory body.”
Square’s Cash App is reportedly testing a free stock trading service. In a recent interview, Dorsey revealed that the company was hiring five open-source engineers to work entirely on making the crypto ecosystem better.
Steve Lee, Square Crypto’s project manager had earlier said in an interview:
“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”