Steve Lee, project manager currently with Square Crypto, recently made remarks supporting the emphasis his company is putting on Bitcoin (BTC). Lee took the opportunity to comment during an AMA session on Twitter on July 29.
Earlier, Jack Dorsey had discussed Square Crypto’s efforts in developing the entire crypto ecosystem and the steps they have been taking for the improvement of infrastructure for everyone — not only Square.
This recent “ask me anything” session, however, indicates the key role Bitcoin is currently playing in Square’s developments. Towards the beginning of the AMA session, Lee mentioned Square Crypto as “an open-source initiative designed to strengthen the bitcoin ecosystem.”
He further 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 Bitcoin or Square Crypto?
During the AMA session on Twitter, Lee was asked why they labeled themselves “Square Crypto” rather than “Square Bitcoin.” His response was just a mention of one of his earlier tweets during the AMA, where 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.”
This response from Lee also points towards the prospects of some Bitcoin-adjacent infrastructure development within the crypto realm. Nevertheless, it also highlights Bitcoin as the major priority of this nascent team.
Square Stock Sees a High Too
We have also witnessed Square stock making a few waves this year with crypto markets recovering from the “crypto winter” of last year. A recent report from Cointelegraph highlighted a spike of more than 50% in Square stock in 2019. The price of Bitcoin saw a dramatic increase of more than 150% as well since Jan. 1.
Square also revealed Bitcoin deposits for their Cash App this June. The service allows for Bitcoin deposits through external wallets. There is $10,000 worth of Bitcoin cap applicable for every seven days.