Square Crypto, the cryptocurrency arm of the payments company, said in a tweet Friday it has awarded a grant to a designer who’s trying to make bitcoin wallets usable by anyone, regardless of technical proficiency.
- The work Square Crypto will be funding will seek to answer a question the grant recipient, Maggie Valentine, put forward in a proposal, namely: "How can we provide an intuitive experience for non-crypto users while preserving the security of a user’s funds?"
- The award comes less than a month after Square, which is helmed by Twitter CEO Jack Dorsey, said it had purchased 4,709 bitcoins for $50 million, representing 1% of the firm's assets.
- The grant seems to be in line with statements made by company CFO Amrita Ahuja at the time Square's investment was announced: "We believe that bitcoin has the potential to be a more ubiquitous currency in the future," Ahuja said. "For a company that is building products based on a more inclusive future, this investment is a step on that journey."
- A more inclusive future that includes bitcoin would also seem to be a profitable one for Square. The company's Cash App has been a major revenue driver for the publicly traded fintech.