Bitcoin Daily: Square’s Crypto Branch To Provide $100K To BTCPay Foundation

Square Crypto has announced that it is giving the first of many grants to support open-source bitcoin projects to the BTCPay Foundation.

The crypto-focused branch of mobile payment company Square is giving the BTCPay Foundation a grant of $100,000 to support BTCPay Server, an open-source cryptocurrency payment processor that can allocate the funds to create anything, “as long as it’s free and open-source software that improves the security, scalability, privacy, user experience or fungibility of bitcoin — or all of the above.”

“BTCPay represents everything we love about open-source bitcoin projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys and self-validate their coins. It also creates powerful real-world applications for bitcoin without sacrificing user experience or requiring trusted third parties,” Square Crypto wrote in a blog post.

And back in July, project manager at Square Crypto Steve Lee said on Twitter that his team wants to develop support for the bitcoin ecosystem, adding “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,” according to Coin Telegraph.

Just last week Jack Dorsey said in an interview he has no interest in developing a cryptocurrency for either Twitter or Square, and instead promoted the use of bitcoin, adding he thinks “open internet standards serve every person better than ones controlled or started by companies.”

“I think [bitcoin’s] the best bet because it’s been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch,” he explained. “As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, [bitcoin is] a pretty high probability.”