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Bitcoin

“I love this technology and community:” Square launches a new bitcoin/crypto initiative

March 20, 2019, 6:27PM EDT

"Vires in numeris."

In Latin, strength in numbers. That appears to be the motto of a new initiative at Square, the payments company run by Twitter CEO Jack Dorsey, as per its fresh Twitter account. Dorsey, who also leads Square, said the firm is hiring to build out the team for Square Crypto, per a string of tweets penned by the executive Wednesday evening. Square Crypto will work towards building out the nascent bitcoin ecosystem, separate from Square's own business interests in the market.

"Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin," Dorsey said in a tweet.

Dorsey, one of the most notable bitcoin advocates, added: "I love this technology and community. I’ve found it to be deeply principled, purpose-driven, edgy, and…really weird. Just like the early internet! I’m excited to get to learn more directly."

Square enables enables buying and selling of bitcoin on its Cash App platform, a rival to PayPal’s Venmo.

Still, despite Dorsey’s bullish stance on bitcoin — the billionaire has said bitcoin could be the future of money — Square does not hold that much bitcoin on its own balance sheet, but did however make approximately $1.7 million in net profit trading bitcoin during the year, according to company filings.