Jack Dorsey had previously discussed how Square Crypto aims to develop the crypto ecosystem in general, and is taking steps to improve infrastructure for all — not just Square.
Steve Lee, a project manager at Square Crypto — the crypto arm of the payments company Square — made a number of recent remarks that solidify the company’s emphasis on Bitcoin (BTC). Lee commented to this effect in the course of an “ask me anything” (AMA) session via Twitter on July 29.
However, the recent AMA indicates that Bitcoin is playing a main role in their current developments. Early on in the AMA, Lee described Square Crypto as “an open-source initiative designed to strengthen the bitcoin ecosystem.” He also wrote:
“Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking.”
Square Crypto or Square Bitcoin?
Over the course of the AMA, one user even asked Lee why the group called themselves “Square Crypto” instead of “Square Bitcoin.” Lee simply responded by linking to an earlier tweet in the AMA, in which he said:
“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.”
The response leaves open the possibility of developing Bitcoin-adjacent infrastructure within the crypto space at large, but still highlights the original cryptocurrency as the nascent team’s main priority.
Square stock up with Bitcoin rally
Square stock is also on a roll this year as crypto markets recovered from last year’s “crypto winter.” As Cointelegraph reported last week, Square stock is up over 50% in 2019, while Bitcoin’s price has soared over 150% since Jan. 1.
As previously reported by Cointelegraph, Square unveiled Bitcoin deposits for its Cash App at the end of June. This service allows Bitcoin to be deposited from external wallets, with a cap of $10,000 worth of Bitcoin every seven days.