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1 month ago

Square crypto team’s first hire is Steve Lee of Google.

Steve Lee who is a former Google director has been hired as the first member of Square’s new crypto team. Square Inc. is the developer Cash App, a mobile payment service that enables its users to transfer money to one another using a mobile phone app.

Despite bitcoin’s price decline of recent, companies are still piling onto the cryptocurrency craze. In January 2018 Cash App followed suit and expanded to support bitcoin trading. Creator of Square, Jack Dorsey made the announcement at the time that Square Cash, ‘the company’s answer to Venmo, will let you buy and sell Bitcoin from inside the app. Cash App’s services recorded 7 million active users as of February 18, 2018.

The Cash App was initially released in October 2013, Square then introduced Square Cash for businesses by the first quarter of the year 2015, which includes the use of a unique username to send and receive money, This feature or upgrade was is called $cashtag and was opened for individuals, organizations, and business owners. By entering such username transactions between different users is facilitated.

A spokesperson for Square has reportedly declined to comment but A Square Twitter account had teased the news of the new hire on Wednesday yesterday, without specifying what Lee’s role at the company would be.

Since their expansion to support bitcoin trading, Square generated $65.5 million in bitcoin-related revenue by the first quarter of 2019 and this marks its highest quarterly volume to date. The maker of the bitcoin-friendly Cash app led by Twitter Co-founder Jack Dorsey announced it was hiring a crypto team in March. Dorsey said at the time, that the focus of the new roles would be not on Square’s own commercial interests, but rather “on what’s best for the crypto community.”

Steve Lee had served the tech giant Google for eight years before leaving in 2015, he had since then become a Bitcoin Optech contributor. He’s also an angel investor who lists Lyft, Pinterest, and Yardbarker as key exits.

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Credits - Zack Seward

Anita O.

Lover of tech and blockchain.

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