Square Crypto Will Be Focused on Bitcoin and Its Adoption, Company Lead Affirms
Steve Lee, the head of Square Crypto, has recently talked about the focus of the app. He used Twitter to start an Ask Me Anything (AMA), which is when someone opens up its profile to answer several questions. During the AMA, he revealed that Square Crypto will be focused on Bitcoin (BTC).
The executive affirmed that Bitcoin is the focus because it is already running strong for over 10 years but it still needs a push in order to finally be able to properly reach mass adoption. Lee was hired back in June and it is already in charge of the sector and enforcing this idea.
During the AMA, a lot of people asked whether the new sector of Square would really be a part of the Square Cash app and develop for it or if it would be really decentralized. The answer made several crypto enthusiasts hyped.
Lee affirmed that Square Crypto is focused on creating an open-source Bitcoin product. Their goal is especially to improve Bitcoin, not really to improve their own app, which is already pretty big and not really that focused on crypto.
He said that all the development for the Square Crypto project will be done in coordination with the community, which seems like a respectable approach. Square is only entering the BTC game now while some of these people are developing for it for around ten years.
Don’t get too excited, however, as Square Crypto is still a very small project. Lee revealed that the company does not have any developer yet. Over 1,500 resumes were sent to him, but they are yet to hire the first dev which will be a part of the group. At the moment, nobody knows how big the team will get after some time.
Square Crypto Will Not Create Its Own Token
Perhaps the second biggest revelation of the AMA was that the company is not intending on creating its own token. The Square Crypto Twitter account responded questions about this citing a tweet by the Square Cash and Twitter founder Jack Dorsey.
On the tweet, he affirms that Bitcoin is resilient, principled and native to “internet ideals”, as well as a big brand. This is the reason why they are focusing on it. Square Crypto does seem great so far, so let’s wait and check how it will be developed.