Square’s Cash App Seeks Bitcoin Operations Manager to Forge ‘New Revenue Lines’

Twitter CEO Jack Dorsey’s Square continues to delve deeper into Bitcoin. After a $50 million investment in the leading digital asset, creating an entire crypto division, and forming COPA, Square’s Cash App, which has over 24 monthly active users, is now hiring for a Bitcoin operations manager.

The person will be responsible for managing certain aspects of its bitcoin business, including liquidity management, trading, and custody/cold storage while mitigating security and financial risks.

Additionally, the individual will be responsible for optimizing strategic Bitcoin partnerships and collaborating with internal and external partners.

“Drive financial performance of our rapidly scaling bitcoin business, which includes forging new revenue lines,” further mentions the job responsibility of the person who is required to have over 10 years of experience in the payments field and 2-5 years of Bitcoin knowledge.

“Entrepreneurial drive is key.”

Besides driving operational efficiency, the person would have to collaborate across cross-functional constituents, including the Cash App engineering, design, product, finance, legal, compliance, customer support, data science, and risk operations.

Identifying and remediating operational issues together with managing key external partners, participating in cross-functional projects, and supporting product development, and analyzing and leveraging multiple sources of data to make informed business decisions are also required from this full-time position.

This makes sense given that Cash App users consume more than 8% of Bitcoin’s daily issuance, and every quarter the Bitcoin sales record a significant increase. With the BTC price on the move amidst monetary stimulus, Cash App may even see more growth.

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Author: AnTy

Jack Dorsey’s Square Launches COPA to Ensure Bitcoin & Crypto Remain ‘Free and Open’

Bitcoin proponent Jack Dorsey’s payment company Square, which first ventured into crypto in 2018, is now inviting cryptocurrency firms to join its Cryptocurrency Open Patent Alliance (COPA) to ensure the industry remains open-source. Dorsey wrote,

“Square is putting all of our crypto patents into a new non-profit org we’re calling the Crypto Open Patent Alliance, which will maintain a shared patent library to help the crypto community defend against patent aggressors and trolls. Join us!”

On Thursday, the announcement was made, and COPA was launched. In its “fight to keep bitcoin and crypto free and open,” the new initiative is introduced, which ensures new ideas don’t get tied up by patent litigation.

Free to Pursue Crypto’s Future

To tackle the concern of “patent lockup” stifling innovation and adoption, Square asked the crypto community to do “what it is so famous for and come together for the greater good.” The official website reads,

“We believe there needs to be a global native currency for the internet,” and everyone should be able to “participate in cryptocurrencies and have access to its underlying innovation.”

A separate entity from Square, COPA, has a two-prong approach, including a pledge that no member asserts their patents on foundational crypto technology ever except defensively, and creating a shared patent library where members pool their crypto patents and allow each other to use them. Square Crypto said,

“As more companies join and the shared patent library grows, the freer we’ll all be to pursue crypto’s future.”

In the US, the number of blockchain and crypto-related patents already doubled between 2016 to 2017. Even Microsoft filed a patent last year for a mining system powered by human activity.

The Native Currency of Internet but “Intuitive”

Dorsey is known for his bitcoin support, who believes it could be the “native currency of the Internet.”

In an interview with Reuters this week, Dorsey re-emphasized on it, saying, like the internet, bitcoin is consensus-driven. He said,

“I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”

But for the leading digital asset to interact with money and change the way most people think of it, it must be “intuitive.”

The main main point here is that bitcoin is expensive to use and that people must understand why they use it and access it in a way that is similar to dealing with cash. Dorsey said,

“We have to build the coin in such a way that it is as intuitive as fast and as efficient as what exists today and obviously goes beyond that.”

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Author: AnTy

Popular Bitcoin Payment App, Square CashApp, Considers Launching Short-Term Loans

Jack Dorsey’s Square might soon be offering loans of up to $200 through its P2P service platform, CashApp. This revelation follows a recent report by TechCrunch, which highlighted that the firm is testing the new feature with about 1000 users as of press date.

Notably, Square attributed this strategic move to some factors, including the uncertainty of a second U.S stimulus. According to the firm, the market demand for loans between $20 and $200 might expand significantly as a result.

Users who qualify for these loans will be given a one-month payback period with a 5% flat fee charged on leveraged funds. Calculated annually, the interest translates to around 60%. However, it may seem quite high; it is more favorable compared to average payday loans in the U.S, which in some cases are charged as much as 700%.

Should the borrowing parties default, Square intends to put a one-week grace period, after which a non-compounding interest of 1.25% will be added to the cost every week. With the testing still in play, a CashAPP spokesperson mentioned that they are looking forward to feedback from the 1,000 clients featured:

“We look forward to hearing their feedback and learning from this experiment.”

Square’s BTC Streak Continues

Other than its prospectus loan product, Square has been making headlines in the crypto scene and is now positioning itself as the go-to platform for Bitcoin purchases. The company’s Q2 revenue from Bitcoin totaled $875 million, with $17 million as the gross profit from BTC related transactions.

These stats are up by 600% and 711% YoY, respectively. Going by these stats, a move towards loan issuance might even expose a more significant population who initially couldn’t afford a stake in the crypto market.

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Author: Edwin Munyui

Jack Dorsey’s Square Crypto Is Building a ‘Super Unicorn’ Bitcoin Designer Community

Instead of hiring a unicorn designer, Square Crypto is now helping foster a “super unicorn” Bitcoin design community.

After all, according to the team, “Great design is essential to the adoption of new technologies.”

Fifteen months after Square Crypto first came into existence, the company will kickstart a new community of bitcoin designers. They will now offer grants to designers as well, which will last six months. Their existing grant program already gives developers the resources to focus exclusively on Bitcoin.

According to Square Crypto, the designer community of bitcoin is a growing one but also disconnected and underfunded.

Back in May 2019 at the time when Twitter founder and CEO Jack Dorsey first announced that Square is hiring crypto engineers and a designer, he had emphasized that the crypto ecosystem is an “underfunded area.”

“Great design will help more people access this technology faster and better. And we want to see more work to educate,” he said.

As such, instead of hiring one full-time designer, they are building a decentralized Bitcoin design community that won’t be run by Square’s crypto division. The official announcement reads,

“We expect this community to consist of freelance designers, designers who work full-time at bitcoin companies, and designers who are curious about bitcoin but not sure where to apply their skills.”

To participate, or join the Bitcoin Design Slack workspace to engage in discussions with fellow designers, contribute to a bitcoin design guide — with a focus on best practices for user onboarding, payments, private key management, and other areas where bitcoin’s UX currently lacks.

Here, designers also provide feedback on others’ work and contribute user experience research to open-source projects such as Bitcoin Core, BTCPay Server, and Bisq.

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Author: AnTy

Square Crypto Launches Lightning Development Kit ‘LDK’ To Boost Adoption Of The Network

The crypto initiative started by the payment firm Square and called Square Crypto has announced on Tuesday the launch of its first product.

This product is a Lightning Development Kit (LDK) that’s meant to help the integration of Lightning with developers’ Bitcoin (BTC) wallet applications. It includes demo apps, language bindings, an API and many other elements that should make the Lightning integration safe, easy and simple to configure, says a blog post published by the group.

Square Crypto Took a Few Other Projects into Consideration

Square Crypto has mentioned that it took a few other projects into consideration, but that it finally concluded a Lightning-Network integration project for wallets is necessary, as developer are demanding it. This is what the company’s blog posted reads further:

“We spoke with dozens of wallet developers. What we heard was a desire for flexibility when integrating Lightning. Wallets and applications require different key store and backup mechanisms, security approaches, UX tradeoffs, and more. That means the solution is building for more wallets, not fewer.”

The Kit’s Release Not Yet Announced

The tools included in the kit intend to give developers an improved user experience, Square Crypto saying that:

“For bitcoin to become a widely used global currency – one that can’t be stopped, tampered with, or rigged in anyone’s favor – improvements to bitcoin’s UX, security, privacy, and scaling are required.”

It seems the kit is still getting built and a date for its release hasn’t been yet revealed. What’s sure is that today’s Lightning infrastructure is not complete and could sure use some more features. Back in December 2019, Square Crypto announced that it’s offering grants to a Lightning developer working part-time, in order to provide support for his work. Earlier in September, it hired 3 new team members, out of which 2 have experience with Lightning.

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Author: Oana Ularu

Is Africa The Perfect Playground For Bitcoin? Twitter CEO Jack Dorsey Believes It Is

Jack Dorsey, the CEO of two well-known companies – Square and Twitter – reportedly sees a future for Bitcoin, and it is in a country with a developing economy and that boasts 1.2 billion people: Africa.

Dorsey shared on Twitter that he has been in Africa and is sad to leave the continent – for now. More significantly though, he also tweeted that the country will “define the future (especially the bitcoin one!).”

In addition, he tweeted that he will be living there for 3 to 6 months in the middle of 2020 and that he is grateful that he was able to experience a small part.

CNN reported that Dorsey’s trip began on November 8 when he visited Ethiopia. The tour included stops in South Africa, Nigeria, and Ghana.

The report also indicated that Dorsey met artists and entrepreneurs, and Ngozi Okonjo-Iweala, a Twitter board member, economist, and former managing director of the World Bank. During Dorsey’s visit to Ghana, he reportedly met with bitcoin entrepreneurs.

These developments are perhaps part of the process of turning bitcoin into a more functional currency by increasing its accessibility. According to a report by CNBC in September, Dorsey shared with the Australian Finance Review that bitcoin is “not functional as a currency.”

And what needs to be done is to make the currency more usable and accessible. Nonetheless, the report also indicated that Dorsey supports bitcoin and the broader idea of an internet-based currency.

For instance, according to the report, Dorsey shared with the Australian Financial Review that his company Square is hiring five engineers who will solely work on making the crypto ecosystem better, and that he believes that the internet will have a “native currency” and anything that the company can do to make that happen, it’ll do.

Dorsey also tweeted in February 2019 that he only has Bitcoin, and in response to another tweet in that thread, he called Bitcoin “resilient,” “principled,” and “native to internet ideals.”

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Author: Rebecca Asseh

Square Crypto Beefs Up Developer Roster, Adds on Libra and Lightning Network Members

Jack Dorsey’s Square Crypto is on its way to create its “dream team”. The company, which is a crypto-focused subsidiary of Square, a payment app created by Jack Dorsey, who also founded Twitter, just announced that it would hire three new developers. The open-source project has hired Arik Sosman, Valentine Wallace and Jeffrey Czyz.

Arik Sosman was an engineer who worked at Facebook and BitGo. During his time on Facebook, he was a part of Calibra, the subsidiary that was in charge of the creation of the Libra project. Sosman told the crypto media that he is very interested in both privacy and layer 2 solutions.

He also affirmed that he is curious to see what work the team will do and that he was excited to contribute to such an important project that has the potential to change the crypto world for the better.

Valentine Wallace comes from Lightning Labs, a company that is focused on developing solutions for the Lightning Network, a second layer solution to scale the Bitcoin network. Jeffrey Czyz, on the other hand, comes from the giant Google.

The duo was hired to grow the developer base of the team, the company affirmed. The team will be led by Steve Lee, who was a former product director at Google. At the moment, the team is still hiring, however. Square Crypto is currently looking for a designer to join the team.

Now, the only information left to be divulged will be what kind of project will be the first attempt of the group.

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Author: Hank Klinger

Jack Dorsey’s Square Crypto To Invest $100,00 In The “Future Of Money”

The crypto initiative of payment company Square, Square crypto recently announced that they are allocating $100,000 on grants to the BTCPay Foundation.

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.”

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Author: Sritanshu Sinha

Square Crypto Hires Bitcoin Core Developer and Blockstream Co-Founder Matt Corallo

The crypto division of Square, Square Crypto, has recently hired Matt Corallo. The announcement was made on Twitter. He was one of the co-founders of Blockstream and a prominent Bitcoin dev. He previously worked on Chaincode Labs, too, where he passed almost three years.

Corallo commented on the news affirming that he was very excited to be a part of the team. According to him, it will be very exciting to experiment on Square Crypto and to make Bitcoin even better.

During an interview, he affirmed that the work will be different from what he is used to, but that the bigger the problems, the more you need talent.

The whole project is set to be open source, so the upgrades made by them can be used for others interested in Bitcoin as well.

Square Crypto Is Building Its Team

Corallo was just the newest addition to the company created by Jack Dorsey. Since the announcement of the initiative back in March, many people have been wondering who would be working on it.

The goal of the startup is to create a small but good team that will have a single designer and some software engineers.

Before him, Steve Lee was hired. He worked as a Google director previously and was hired to lead the new team. At the time, he affirmed that the team would be focused on creating the technology that could complement Bitcoin and make it more efficient and mainstream.

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Author: Lorraine Mburu