Twitter CEO funds open source bitcoin initiative, Square Crypto
Jack Dorsey, Twitter and Square CEO, is funding development of open source contributions to the Bitcoin and cryptocurrency ecosystem with Square Crypto initiative.
Jack Dorsey has already nailed his colours to the mast with his recent public endorsements of bitcoin and the Lightning Network. Now, he is going a step further by creating a series of full-time positions for Bitcoin and blockchain developers, intended to further the wider crypto movement. Yesterday, Dorsey announced the initiative and his motivation on Twitter:
The thread continues with an explanation:
Last week I was considering my hack week project, and asked @brockm: “what is the most impactful thing we could do for the bitcoin community?” His answer was simple: “pay people to make the broader crypto ecosystem better.” This resonated with me immediately, so we’re doing it.
Dorsey makes it clear that Square Crypto is to be an open source initiative that is independent of Square’s revenue-generating business. All the results will be made freely available to the world. He acknowledges the contribution open source software has made to Square, his mobile payments company, and states ‘We haven’t given enough back.’
The Twitter co-founder and CEO is rapidly becoming a leading voice for the cryptocurrency movement. Just this year Dorsey has joined the ranks of Elon Musk, Steve Wozniak, Peter Thiel and other tech giants in praising Bitcoin and what it stands for. He has participated in the Lightning Torch game – again, one of several major figures in the crypto world to do so. And there have been reports that he buys $10,000 in bitcoin every week, the maximum allowed by the Cash app.
Dorsey has stated his belief that bitcoin will become the currency of the internet, and that widespread adoption will occur in the next 10 years.