The crypto arm of payment company Square, Square Crypto posted a tweet on Friday. The company disclosed that it had issued a grant to a designer called Maggie Valentine, who was dedicated to developing Bitcoin wallets that can be used by people with any level of technical proficiency but are still safe to use. The recipient of the grant, Valentine had asked a simple question when making her proposal. According to her, the aim is to provide non-crypto users an intuitive experience, while simultaneously preserving the security of their funds. She highlighted the unique potential of the crypto industry in her proposal when it comes to shaping the global financial infrastructure in new and innovative ways.
She said that the crypto industry could help in realizing the potential of inclusive, secure, and borderless financial transactions. She also stated that substantial barriers exist in the crypto industry for now and the wallet onboarding flows are saturated by so-called ‘Technical jargon’. Thus, Valentine highlighted that a lot of people who don’t have a technical background don’t properly understand the technology behind cryptocurrency, which can discourage them from making use of the virtual assets. Square Crypto detailed in the announcement that Valentine believes that anyone and everyone should be capable of using Bitcoin, regardless of how much technical proficiency they may have.
Now that she has been issued the grant, Valentine will be able to look into this issue and will also publish a number of recommendations in order to pave the way for more user-friendly onboarding. This grant comes only a month after Square, which is led by CEO of Twitter Jack Dorsey, disclosed that it had spent an impressive $50 million to buy around 4,709 Bitcoin (BTC). This makes up 1% of the overall assets of the company. The company’s CFO, Amrita Ahua had stated that the payment processor was convinced of Bitcoin becoming a more ubiquitous currency in the foreseeable future.
These comments were made by Ahua when the company had made its huge investment in Bitcoin. It appears that the grant runs in tandem with the CFO’s statement. She also said that Square was focusing on a more inclusive future via this investment in Bitcoin and the company is also dedicated to developing products in the future. It appears that by ‘inclusive future’, the payment processor clearly means Bitcoin and the decision made by Square to move into this asset class appears to be extremely profitable for it.
Currently, the Square Cash App is bringing it a lot of revenues for the publicly listed fintech company. However, time will tell if Valentine does succeed in her goal. It is a well-known fact that convenience-focused upgrades are vital to the crypto industry in order to ensure its mainstream acceptance. Hence, it is not a matter of if, but is the question of when these things will be developed. With crypto gaining more acceptance and institutional investment on the rise, particularly in 2020, more developments are expected in the industry soon.