Square Inc (NYSE: SQ) announced that a grant would be awarded to a designer looking to simplify the cryptocurrency portfolio and make it more accessible to users with less tech knowledge.
The San Francisco-based cryptocurrency company announced on Twitter that it was giving a grant to Maggie Valentine – for her thesis that made it easier to simplify portfolios by reducing jargon and improving consumer education.
Square Investment Fund
On October 30, 2020, Square Crypto wrote Maggie’s thesis that Bitcoin should be used by everyone, regardless of technical abilities. Difficult wallet UX doesn’t have to determine who wins with Bitcoin. She plans to investigate the matter and post recommendations to make it easier to use.
Square also shared Valentine’s first detailed proposal on social media, asking questions about creating an intuitive experience for non-crypto users while keeping user funds safe.
Consequently, the grant announcement comes a month after Square announced a $ 50 million investment in Bitcoin. Square bought 4,709 bitcoins, of which the company accounted for about 1% of total assets at the end of the second quarter.
Jack Dorsey’s company describes cryptocurrency as a tool for economic empowerment and an opportunity to participate in the global monetary system, aligning with Square’s goals.
Dorsey, who is also the CEO of Twitter Inc., called Bitcoin the “best manifestation” of internet currency.
The Firm Shows a Strong Vote of Confidence for Crypto
As Square’s $ 50 million investment down to the $ 425 million recently offset in cryptocurrency MicroStrategy, global market strategist JPMorgan wrote that Square is likely to make more purchases.
JPMorgan analysts said in October that Square’s bitcoin investment is a strong belief in bitcoin’s future. Additionally, the September sales at BTC only partially offset what the JPMorgan team called overbought conditions created in late July / early August. However, the accumulation of net long positions could become an obstacle to BTC prices in the near term, analysts said.
The company’s Cash app found Bitcoin sales increased by 600% in the second quarter. Square added bitcoin trading to its cash app in 2018, founded Square Crypto, an independent team that contributes to working with open source bitcoin. This year, Square launched the non-profit Cryptocurrency Open Patent Alliance, which aims to preserve the nature of open-source cryptocurrencies by pooling patents in a common library for “protection from patent attackers.”COPA
Other payment companies will also likely follow Square’s footsteps or risk getting shut out of a growing segment, the JPMorgan analysts wrote. Square shares closed nearly 8.8 percent on Friday at $ 154.88 and fell 0.45 percent after the close.
