Square Crypto has started issuing out grants to crypto startups which are involved in the development of crypto payment processing systems.
The firm itself provides a Bitcoin supportive payment system, and BTCPay Foundation is the first recipient of a series of grants that Square Crypto plans on issuing.
$100,000 grant for BTCPay
Through its Twitter account, Square Crypto announced that it is availing a $100,000 grant for BTCPay Foundation.
Square Crypto was founded to give back to the open-source bitcoin community. This is us doing that. #BH2019 #BalticHoneyBadger2019 https://t.co/4YqcaB6R5i
— Square Crypto (@sqcrypto) September 14, 2019
Square Crypto is the crypto arm of the payment processing company, Square, and the grant provided to BTCPay will go towards the further development of BTCPay Server. BTCPay has created an open source crypto payment processing system.
BTCPay can allocate the funds obtained through the grant to the development of any sort of system.
The only criteria the project being funded needs to fulfill is that it should be a free and open source software which brings improvements to the scalability, security, user experience, privacy, or fungibility of Bitcoin, according to the team at Square Crypto.
Square Crypto went on to say that BTCPay represents everything they like about open source projects involving Bitcoin.
The startup is a prime example of the ideals of Square Crypto’s community, and it promotes the adoption of Bitcoin by enabling merchants to accept the crypto asset. The merchants are also in control of their private keys and they can self validate the coins they receive.
BTCPay creates powerful applications which can be used in the real world. It does so without sacrificing the experience of end users, and does away with the need for trusted third parties, said Square Crypto.
By providing a grant to BTCPay, Square Crypto appears to be funding a product that is a direct competitor of its own services.
This would normally be considered a bad business move but according to Square Crypto, existing payment processing firms can either adapt or get left behind.
The investment into BTCPay is not an investment into a competitor but rather an investment in the future of monetary systems.
Development of Bitcoin infrastructure
Online crypto trading is fast becoming a mainstream activity, and this has been seen through this year as Bitcoin trade has gone up again.
The leading cryptocurrency has made significant gains over the first half of the year and this run seems to be continuing.
There is a need for the creation of an infrastructure which supports the adoption of the crypto asset.
Payment processors are crucial in the progression of any form of money, and providing support for firms such as BTCPay ensures that the right infrastructure is put in place.