Photo Cred To Tiger Pixel Via Flickr

Square is a mobile payment firm with its headquarters in San Francisco, California. The firm markets hardware and software products for the payments industry. It decided to expand its operations into the crypto space with the launch of Square Crypto. This division of Square focuses on developing open-source payment solutions for Bitcoin. 

Jack Dorsey, who is the Square CEO, is quite bullish about the future of Bitcoin. He sees Bitcoin acceptance growing in the future. With this vision in mind, he decided to create a new team with Steve Lee, a former Google director, as the head. Matt Corallo has joined as a development engineer. We recently published a piece on the massive revenue Square has been seeing from Bitcoin in their recent financial assessment. It appears Jack Dorsey continues to see a bright future with the team he is building out.  

It was a Calling

According to Jack Dorsey, his decision to create the new team was a strong calling he felt. This is a team with a purpose and the Square Crypto division will only serve as a host for the nope-source project. 

Objectives of this Endeavor

The project wants to develop Bitcoin to utopian heights where it will achieve universal acceptance. There will be underlying goals for this initiative such as the development of the crypto community and economic empowerment of individuals. Since the project will be open source, it will ensure that the work coming out of it will be accessible and transparent. The project has a social goal of ensuring that financial systems are more accessible globally, which is in line with the company’s broader goals. 

Matt Corallo is Part of the Team

Corallo is a highly respected member of the Bitcoin development community. He has made tremendous contributions to the network since 2011. Additionally, he is the co-founder of Blockstream. When he left Blockstream, he went to Chaincode Labs where he made it clear that he would support their stated mission. Their mission was to develop and support Bitcoin as well as other P2P decentralized networks. 

His commitment to the development of Bitcoin and the blockchain sector is unwavering. During his time in the crypto world, Corallo has achieved quite a lot. For instance, he has played a huge role in developing lightning implementation, which has helped to improve the efficiency of BTC. This has helped to cut down transaction times of the BTC network for many people globally. 

He has also been involved in the development of various other projects related to Bitcoin. For instance, he played a key role in the development of Fibre, Bitcoin, Core, BettterHash, and Signal, the open-source initiative. Corallo is still quite bullish about the development of Bitcoin. In the past, he has taken part in teams, which seek to address various major problems facing the blockchain sector. He is at the forefront of working on projects that seek to make it easier to use Bitcoin.

The Announcement

Square Crypto announced the news about Corallo joining the team via a Tweet. A few minutes later, Corallo confirmed the news via his own tweet. He said that he was happy to join the Square Crypto team in the coming weeks. In his tweet, he said his work would entail experimenting with various models to accelerate BTC OSS. 

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