Square Crypto Lead: 'The Product We're Focusing on Is Bitcoin'

Square Crypto is focused on bitcoin, not the publicly traded company's specific products.

That was the message Monday during a Twitter ask-me-anything with the head of Square's crypto team, Steve Lee.

With tweets signed simply "Steve," it was Lee's first set of public remarks on the team's broad objectives since being hired in June.

Many participants seemed to assume that Square Crypto had been built to improve how the payments company serves its existing crypto users.

Square's Cash App has been steadily earning more money on sales of bitcoin, bringing in $65.5 million in revenue for the first quarter of 2019 alone.

We do hope our work improves as many products and businesses as possible, including Square and its competitors.

This may lead to consumer UI, infrastructure, and protocol development.

All will be done in coordination with the rest of the open-source Bitcoin community.

More on Square Crypto's design sensibility has been shared on Medium.

One participant asked the account why the company wasn't creating its own token, like so many companies in the last few years.