The payments company launched by the Twitter founder Jack Dorsey, Square, is now officially supporting Bitcoin (BTC) development. The crypto news today show that Square launches grants in a new grant program which formalizes the already significant contributions made by the company toward the cryptocurrency.
A March 4 announcement lets us see that Square launches grants in the “Square Grants” program which would be made publicly available. The developers had already received grants – BTCPayServer received $100,000 to continue the development of its open-source payment processor. Also, one pseudonymous developer received an undisclosed sum in connection to Lighting Network development.
With this announcement, Square revealed to have also granted undisclosed amounts to Jon Atack and Tankred Hase. These are two Bitcoin developers who have previously done significant work in the space.
Square has made the conditions for joining this program public, and the rules now state that grants can be received by a team or individuals all around the globe, as long as they work on a Bitcoin project. As Square launches grants, the proposals must improve Bitcoin’s user experience, scaling, privacy, security or “something else we haven’t thought of,” Square wrote. The developers must also be “in good standing” within the Bitcoin community.
The team listed a couple of examples of applicable projects and cited the new layer two solutions, privacy implementations such as Payjoin or SNICKER, new wallets and several others. The applicants need to send an email to Square and write a detailed proposal text. “We’ll get back to you if it excites us and lines up with grant criteria,” the announcement reads.
The previous Bitcoin news from months ago showed that Square launched the Cash App, a financial product for consumers that increasingly relies on Bitcoin to make revenue. In February, it was revealed that almost half of Square’s earnings come from cryptocurrency users. The app allows them to purchase BTC in small amounts with the average user only trading $7.50 every month.
As Square launches grants, we can see that the company is pushing forward with more cryptocurrency integrations, especially after it obtained a patent for real time crypto-to-fiat swaps in January this year. Besides this, Square is actively supporting Bitcoin development through initiatives such as the Bitcoin Lighting Development Kit.
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