Steve Lee, who serves as the head of Square Crypto, recently gave more insight about what will be the focus of the Square application. The Square executive used his Twitter handle to launch an Ask Me Anything (AMA) session. An AMA is when an individual opens up their profile to provide answers to several questions on an issue.
During the AMA, Lee revealed that his company app Square Crypto will reportedly be focused on the leading digital asset by market cap Bitcoin (BTC). It will be focused on BTC and its adoption.
Bitcoin (BTC) Price Today – BTC / USD
Square Choose BTC because it has been on for 10 Years
The Square executive affirmed that the number one digital asset by market cap will be the focus because it is already running for over 10 years now is still strong. Although, Lee believes that BTC still needs to be pushed so that it can finally be able to achieve mass adoption properly. Lee was hired for his current job back in June 2019. Now, he is already in charge and is trying to enforce this idea.
During the AMA session, many people asked to know whether the new arm of Square would be a part of Square’s Cash app and whether it will be developed or if it would be actually decentralized. The answer Lee provided made a section of crypto enthusiasts following the AMA thread hyped.
Square Will Create an Open-source Bitcoin Product
Lee confirmed that Square Crypto is not only focused on Bitcoin, but it is also looking to create an open-source BTC product. The goal is specifically designed to improve Bitcoin. And not to improve their Square app, which is already a pretty big product and not really focused on cryptocurrency.
Lee also said that the internal development for Square’s Crypto initiative will be done working with the BTC community, which appears to be the most respectable approach. Square just entered the BTC game in recent times while some other firms have been developing for the coin for about ten years now.
Don’t get your hopes too high just yet, because Square Crypto remains a very small project for now. Lee revealed that his company doesn’t have any developer as of July 30. However, Lee revealed that no less than 1,500 resumes were sent in for the project. But Square is yet to hire the first developer which will be part of the group. As of when this content was written, no one knows how big Squares team for the project will get.
Square Won’t Create a Native Token
Perhaps the second biggest news from the AMA session was that Square, the company, isn’t intending or planning to create its own token as was thought originally. Lee responded via the Square Crypto Twitter handle to questions about this matter citing a tweet by Jack Dorsey, Square Cash and Twitter founder.
Via the tweet, Lee affirms that Bitcoin remains resilient, joined and native to “internet ideals”, plus a big brand. Hence, this is the key reason why they opted to focus on it. Square Crypto seems to be doing great so far. We just have to watch to see what will happen in the end. If the initiative will bring massive benefits.