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:
The product we're focusing on is Bitcoin. It has been up and running for over 10 years… but there’s still a lot that needs to be done before we reach mass adoption. – Steve https://t.co/oU0yzhpWqX
— Square Crypto (@sqcrypto) July 29, 2019
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:
You would have to ask Square. 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. – Steve https://t.co/cLNCcVLGpT
— Square Crypto (@sqcrypto) July 29, 2019
Our process is design-centric. This may lead to consumer UI, infrastructure, and protocol development. Some projects may be accomplished in 3 months and others may take 3 years. All will be done in coordination with the rest of the open-source Bitcoin community. – Steve https://t.co/bAjgC5pcXh
— Square Crypto (@sqcrypto) July 29, 2019
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:
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
— jack ??? (@jack) February 5, 2019
Read more:Cryptocurrency Exchanges Face Stricter Regulation In South Korea
Image Source – Pixabay.com
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