Square Crypto Grants $100,000 to Open-Source Crypto Payment Processor

Square Crypto Grants $100,000 to Open-Source Crypto Payment Processor

Bitcoin (BTC)-supporting payments service Square is giving the first of what will be many grants to support open-source projects to BTCPay Foundation.
BTCPay receives $100,000 grant
On Sept. 14, Square Crypto, the -focused branch of mobile payment company Square, took to Twitter to announce that it is providing BTCPay Foundation with a grant of $100,000 to support BTCPay Server, an open-source payment processor.
BTCPay Server can allocate the funds to create anything, “as long as it’s free and open-source software that improves the security, scalability, privacy, user experience, or fungibility of Bitcoin — or all of the above.” The Square team added:
“BTCPay represents everything we love about open-source projects. It exemplifies the ideals of our community and promotes adoption by letting merchants accept bitcoin, control their private keys, and self-validate their coins. It also creates powerful real world applications for bitcoin without sacrificing user experience or requiring trusted third parties.”
Square went on to explain why they are giving a “bunch of money” to BTCPay Server, a product that appears to be in direct competition with its own services. Square explained:
“Existing payments companies have a choice to make: adapt or be left behind. This isn’t an investment in a competitor, it’s an investment in the future of money — something that Square obviously has a stake in.”
Square and BTC infrastructure
As Cointelegraph reported at the end of July, project manager at Square Steve Lee emphasized in a Twitter ask me anything that his team is particularly keen on developing support for the ecosystem. He added:
“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”

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