Square Crypto, the encryption division of the payment company Square, founded by Jack Dorsey, the founder and CEO of Twitter, emphasized focusing on Bitcoin rather than launching its own specific encryption product. This was the message during a Twitter ask-me-anything (AMA) with the head of Square’s crypto team, Steve Lee.
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
The department’s Twitter account answers questions from its followers and well-knowns in the crypto community. With tweets signed simply “Steve,” this was the first time Steve Lee has made public remarks on the team’s overall goals since taking office in June this year.
Many participants seem to think that Square Crypto was created to improve the way the payment company provides services to existing users. Square’s Cash app is steadily profitable through Bitcoin sales, achieving $65.5 million in revenue in the first quarter of 2019 alone.
However, enhancing the crypto capabilities of the Square Cash app is not the focus of the team. Some netizens asked, “Will businesses that use Square be able to integrate bitcoin as a payment option? This should create lower processing rate for business but also increase processing margin for Square as a whole.”
Steve said, “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”