Categories: Bitcoin Business

Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption

Click here to view original web page at
By hiring developers to contribute to open-source crypto development, Square is demonstrating a true commitment to Bitcoin. | Source: REUTERS/Mike Blake/Files

Jack Dorsey, the CEO of Square, the $32.7 billion mobile payment giant based in the U.S., revealed that Square would fund three to four developers and a designer to work on the open-source protocol of Bitcoin and the crypto ecosystem.

Independent of the core business strategies of Square, the team of developers and a designer will work to contribute to the cryptocurrency ecosystem in a variety of ways, potentially by contributing to the open-source codebase of the Bitcoin network.

Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.

#BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @SqCrypto. Why?

— jack (@jack) March 20, 2019

The initiative, which has been welcomed by the cryptocurrency community and the industry with overwhelming optimism, could be crucial in increasing the awareness of the cryptocurrency ecosystem and the need for open-source developers to maintain blockchain networks.

Bitcoin is an Open-Source Protocol, and it Needs Developers

Throughout the past decade, open-source developers have contributed to the development of the Bitcoin network with virtually no financial incentives, with the sole intent of improving the flagship cryptocurrency.

A multi-billion dollar business like Square that has dominance over its respective market adopting the idea of financially supporting developers to work on the Bitcoin blockchain protocol and to improve the crypto ecosystem could potentially have a lasting positive impact on the long-term growth of the industry, especially if other businesses follow the footsteps of Square.

As Dorsey, the CEO of Square and Twitter, wrote:

“Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.”

“I love this technology and community. I’ve found it to be deeply principled, purpose-driven, edgy, and…really weird. Just like the early internet! I’m excited to get to learn more directly.”

It could also spread awareness to many companies, institutions, investors, and users that public blockchain networks need open-source developers to continuously contribute to their codebases and without the developers, the growth of the sector may stagnate.

Meltem Demirors, an executive at CoinShares, praised the efforts of Square in embracing free and open-source software, noting that not many multi-billion dollar companies in the cryptocurrency industry have led similar initiatives.

“Awesome to see Square embrace FOSS and support the ecosystem in this way. i can name crypto unicorns who have hired full time community contributors on one hand. Level up!,” she said.

Industry executives have generally expressed optimism towards the efforts of both Square and Dorsey to help grow, sustain, and increase the adoption of cryptocurrencies.

— Travis Kling (@Travis_Kling) March 20, 2019

Square’s Increasing Efforts in Improving Bitcoin Adoption

On the Joe Rogan Experience podcast in early February, Dorsey explained that Square is the first publicly-traded company to offer bitcoin services and the first publicly-traded company to lead discussions with the U.S. Securities and Exchange Commission (SEC) about bitcoin.

He said:

“The reason we enabled the purchasing of bitcoin within the Cash App is we wanted to learn about the technology and we wanted to put ourselves out there and take some risks.”

“We’re the first publicly traded company to actually offer it as a service. We’re the first publicly traded company to talk to the SEC about Bitcoin and what that means, and it made us uncomfortable. We had to really understand what was going on. And that was critical and important.”

At the time Square’s Cash App first integrated bitcoin purchases for its users, it was perceived as an ambitious initiative even for an innovative company like Square.

Since then, Square has continued to increase its efforts in contributing to the increasing awareness of bitcoin and the crypto ecosystem.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

  • Bitcoin Business

Cardano {ADA} falters, Foundation member scheduled to speak at an event by the Bitcoin {BTC} Association

Cardano is ranked at #12, right after Stellar Lumens and above Monero on coinmarketcap. According to the latest available data,… Read More

3 hours ago
  • Bitcoin Business

How Big Hydro Power Partners With Bitcoin Miners to Prevent Energy Waste

We are often told that the verification of bitcoin transactions eats a lot of energy. The largely inaccurate comparison to… Read More

3 hours ago
  • Bitcoin Business

Bitcoin Mining Hotspot Iran Drafts Electricity Tariffs for Crypto Miners

Bitcoin mining is about to become mainstream and legal in Iran | Source: Lars Hagberg / AFP The government of… Read More

3 hours ago
  • Bitcoin Business

Ideanomics: Simply Adding Blockchain And Fintech Won’t Make It Successful

SummaryI believe that IDEX is a company without a clear identity and vision.IDEX's transition towards blockchain and fintech is bewildering.Currently,… Read More

3 hours ago
  • Bitcoin Business

Bitcoin’s Catch-22 Will Keep It From Spurring a Monetary Revolution

Over the past couple of years, there have been a number of fast-growing industries that have caught the attention of… Read More

3 hours ago
  • Bitcoin Business

Post-Halving Bitcoin to Hit $100,000 in 2020? It’s Unlikely, Data Shows

In around 300 days, Bitcoin (BTC) will experience what is known as a “halving” or “halvening”. This event, which occurs… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More