Square Inc., is a mobile payments company and merchant service provider that aims to provide tools for efficient transfer of value. Jack Dorsey, the founder of Twitter, is the Chairman and CEO of Square Inc.
The Square Cash App has been one most successful product from the firm. Nevertheless, it does not plan to rest there. Reportedly, Jack and Jim McKelvey have recently invested money in the firm to expand their offices and design new products.
Currently, the firm employs about 500 people. However, the new St. Louis unit will create about 900 more jobs for developers and creative employees. The Mayor of St. Louis, Mayor Lyda Krewson tweeted,
Big News – @Square moving to downtown with major expansion & up to 1,400 talented tech, engineering, & creative employees! Thanks to @jack and @2000F for huge investment and JOBS in the heart of the region!
Square Crypto is an independent arm of the firm that is formed specifically for cryptocurrencies. Steve Lee, the head of Square’s crypto team, the day before, conducted a ‘Ask Me Anything’ session on Twitter to divulge on the plans of the firm. He mentioned that,
Square Crypto is a separate organization from Cash App and the rest of Square. This is an open-source initiative designed to strengthen the Bitcoin ecosystem
The team aims to shape the future of how Bitcoin will be brought into the mainstream. The robustness and the reliability of the Bitcoin network for the past ten years have infused great trust in the system. Square, which aims to improve the efficiency and efficacy of the current financial system, aims to focus on Bitcoin.
Moreover, it is no secret that Jack Dorsey is Bitcoin hodler and a proponent. The Crypto arm of his new venture is primarily focusing on Bitcoin as well. When asked about their focus on other cryptocurrencies Steve answered,
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.
What are some of the viable products that can be built on Bitcoin? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com