Square Crypto Issues New Grants to Aid BTC Developers

News / 05.03.2020

Square Crypto, announced the awarding of new grants to 2 BTC developers as per a Medium post. This Bitcoin development initiative is a product release of Square Inc, owned by Jack Dorsey. 

A Bitcoin Core contributor and protocol researcher, Jon Atack, and the prominent BTC developer, Tankred Hase are the recipients of these grants. Hase has been working on enhancing the user experience while simplifying the self-custody of smaller amounts of BTC.

The developers are to utilize the grants towards solving its layer-two scaling solution termed the Lightning Network in addition to other works. According to the Medium post, Square Crypto is interested in onboarding other developers without financial means in a bid to build financial freedom. Anyone, whether working individually or as a team on a Bitcoin project in any location is eligible for the grants.

Of key emphasis are projects aiming at improving Bitcoin’s user experience, scaling, privacy, security, amongst others. There is however a requirement of non-commercialized or non-profit driven projects with free and open-source coding.

Square Working on Lightning Development Kit (LDK)

A January post on Twitter by Square Crypto hinted at a Lightning Development Kit (LDK) project in the pipeline. LDK aims to ease crypto wallets’ developers’ ability to integrate the layer-two scaling solution into the wallets.

The Lightning Network came into the radar of Bitcoin and cryptocurrency enthusiasts with this well-timed LDK release. The Kit is expected to improve the integration of the Lightning Network into existing or new crypto software, a boost to the adoption of the scaling solution. Bitcoin’s calling solution could be up for a micro-renaissance, and more possibly global crypto adoption as a result. 

Boost to the BTC Construction

January of 2020 saw Square, Inc. acquire the patent for real-time crypto-to-fiat exchange. This is part of its strategy of incorporating extra crypto integrations. The firm is an active supporter of BTC construction, these grants, as well as LDK, being clear illustrations.

Not being its first grant, Square Crypto provided a $100,000 grant to the BTCPay Foundation a while back. BTCPay is a non-profit organization that operates the BTCPayServer. The pseudonymous Lightning Network developer, ZmnSCPxj was also a grant recipient while working on the layer-two scaling solution part-time.

Jack Dorsey, the CEO of both Square and Twitter, has preferred BTC as shown by his company’s high affinity to Bitcoin-specific development that boosts the crypto ecosystem.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.