Square Crypto, the payments company launched by Twitter founder Jack Dorsey, is now officially supporting Bitcoin (BTC) development through a grant program. This formalizes the already meaning contributions made by the company toward the cryptocurrency.

Through a March 4 announcement, the visitor announced that the Square Grants program would be fabricated publicly available. Two developers had already received grants: BTCPayServer received $100,000 to continue development of its open-source payment processor, and a pseudonymous developer received an undisclosed sum in connection to Lightning Network evolution.

With the announcement, Foursquare revealed to accept also granted undisclosed amounts to Jon Atack and Tankred Hase, two Bitcoin developers who accept previously done significant work in the infinite.

How to apply for grants

Square has made the weather condition for joining the program public. The rules country that grants can be received by a team or individuals all around the world, provided that they work on a Bitcoin project.

The proposals must improve Bitcoin's user feel, scaling, privacy, security or "something else we haven't idea of," Foursquare wrote. The developers must also be "in proficient continuing" within the Bitcoin community.

The team listed several examples of applicative projects, citing new layer two solutions, privacy implementations like Payjoin or SNICKER, new wallets and several others.

Applicants need to transport an electronic mail to Square and write a detailed proposal text. "We'll go back to you if it excites us and lines upward with grant criteria," the announcement reads.

Square's previous work

Square is a payments company led past Twitter CEO Jack Dorsey, and information technology offers a wide variety of products in the payments ecosystem.

One of these is Greenbacks App, a financial product for consumers that increasingly relies on Bitcoin to make revenue. In February, information technology was revealed that almost one-half of its earnings come from cryptocurrency users. The app allows them to purchase BTC in small amounts, with the average user only trading $vii.fifty every month.

Foursquare is pushing forward with more than cryptocurrency integrations, having obtained a patent for real-time crypto-to-fiat swaps in January. It is as well actively supporting Bitcoin development through initiatives such every bit the Lightning Development Kit.

The company's deportment are not going unscrutinized, as some in the customs raised questions on whether Square could influence Bitcoin's development decisions.