Square to pay engineers with digital currency

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Square, a US based payments service, of which Twitter co-founder Jack Dorsey is CEO, is hiring cryptocurrency engineers and is offering to pay them in digital currency, according to a tweet from Dorsey.

In the tweet, Dorsey wrote, “Square is hiring 3–4 crypto engineers and one designer to work full-time on open source contributions to the Bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in Bitcoin!”

He also commented that the decision to pay employees in digital currency is based on the intention “to make the broader crypto ecosystem better,” and thus contribute to the Bitcoin community. As everyone knows, Dorsey is a massive fan of Bitcoin and purchases it to the value of $10,000 on a weekly basis. He also believes that Bitcoin will become the Internet’s native currency: “Bitcoin was something that was born on the Internet, that was developed on the internet, that was tested on the internet…It is of the internet.”

As previously reported by Cointelegraph, Square registered $166 million in annual Bitcoin revenue for 2018. Furthermore, the company achieved over $52 million in Bitcoin sales for Q4, surpassing Q3 by $9 million and Q2 by more than $15 million. However, as has been pointed out, the clear profit from the Bitcoin operations, which involve Square’s consumer app Cash, remained low, as purchasing costs account for the vast majority of revenue.

Throughout the past decade, open-source developers have contributed to the development of the Bitcoin network with virtually no financial incentives, with the sole intent of improving the flagship cryptocurrency.

CCN writes: “A multi-billion dollar business like Square that has dominance over its respective market adopting the idea of financially supporting developers to work on the Bitcoin blockchain protocol and to improve the crypto ecosystem could potentially have a lasting positive impact on the long-term growth of the industry, especially if other businesses follow the footsteps of Square.”

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