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Square Crypto Lead: ‘The Product We’re Focusing on Is Bitcoin’

Square Crypto | Bitcoin | Cryptocurrency

The head of Square’s crypto team, Steve Lee stated that while Square Crypto is focused on bitcoin it is not the publicly traded company’s specific product in a Twitter ask-me-anything (AMA) on Monday.

Unit’s playful Twitter account fielded questions from its followers and crypto-community luminaries. Lee playfully signed the tweets “Steve,” marking his first set of public remarks on the team’s broad objectives since being hired in June. Probably the single most illuminating moment of the AMA was this exchange:

Many participants presumed that Square Crypto is aimed at improving 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 Cash App’s crypto functionality is not the team’s focus, Lee said, as a tweet similar to the one above made even more clear:

In saying so, Lee’s response to a question about supporting bitcoin core made it sound like the team has another vision for the best use of its resources:

More details about Square Crypto’s design sensibility has been shared on Medium. So far, Lee appears to be the team’s only hire. Though the firm dodged questions about team size, it elaborates that it’s close to bringing on another developer:

One of the participants questioned the account on why the company wasn’t creating its own token, like so many companies in the last few years. Square Crypto responded by posting a tweet from the company’s founder:

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