Jack Dorsey, CEO of social networking Twitter, is taking further steps to integrate Bitcoin and other cryptocurrencies into his payment business, Square. Square is a very popular American mobile payment company.
Dorsey has previously praised Bitcoin. As bitcoin prices have doubled in 2019, Bitcoin has recently experienced a recovery, and most other major cryptocurrencies have also risen.
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Now, Square has said it plans to “improve funding” through the development of its bitcoin and other cryptocurrencies, while Square's encryption division Square Crypto is also preparing to hire the first dedicated employee – many bitcoin and cryptocurrency investors want Square Can lead a wave of new bitcoin applications.
Square Crypo, the cryptocurrency business unit of Square, said on Twitter:
"We are going to make our first recruitment. So let's set some expectations. As @jack's founding tweet (the first tweet in history), we are building an open source project that will not only make large-scale adoption possible, but also It is inevitable."
In March of this year, Dorsey said that Square will hire three to four bitcoin and cryptocurrency engineers, as well as a designer, full-time commitment to "open source contributions to the bitcoin and encryption ecosystem" and promise if they are willing Will also pay wages in bitcoin.
Dorsey had previously said that he believed Bitcoin "probably" became the first local currency on the Internet. Earlier this year, he revealed that he bought Bitcoin worth up to $10,000 a week and invested in a bitcoin and cryptocurrency hardware wallet to store his growing bitcoin holdings.
Earlier this month, Square announced strong growth in bitcoin sales through its Cash App in its first-quarter earnings.
Square announced that the first quarter of 2019 bitcoin business revenue was $65.5 million, while the bitcoin business cost revenue was slightly less than $64.7 million, and the bitcoin business profit was slightly less than $1 million.
Square users across the United States can purchase Bitcoin through their Cash App.
In the past few months, a number of positive news in the bitcoin and cryptocurrency industries have boosted bitcoin prices, including bullish surveys, technology developments, institutional support and traditional investor support.
After a catastrophic 2018, bitcoin prices have risen sharply this year, prompting many to announce that the so-called encryption winter is coming to an end.