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Square Funds Project To Make Cryptocurrency Wallets More Accessible To Everyone

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Square Inc (NYSE: SQ) said Friday it would give out a grant to a designer seeking to simplify cryptocurrency wallets and make them more accessible to less technology-savvy users.

What Happened: The San Francisco-based financial technology company's cryptocurrency unit announced on Twitter that it was making the grant to Maggie Valentine — who is working “to simplify wallet onboarding flows by reducing technical jargon and increasing user education.”

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Square also shared Valentine’s first detailed proposal on social media, where she questions how to create an “intuitive experience for non-crypto users while preserving the security of a user’s funds.”

Why It Matters: The announcement of the grant comes a month after Square announced a million investment in Bitcoin. 

The Jack Dorsey-led company had called cryptocurrency “an instrument of economic empowerment” and “a way to participate in a global monetary system” which it said is aligned with Square’s purpose.

Dorsey, who is also the CEO of Twitter Inc (NYSE: TWTR), had referred to Bitcoin as the “best manifestation” of an internet currency.

JPMorgan analysts said in October that Square’s Bitcoin investment was a “strong vote of confidence for the future of Bitcoin.”

The company’s Cash App saw revenue through Bitcoin rise 600% in the second quarter.

Price Action: Square shares closed nearly 8.8% lower at $154.88 on Friday and fell 0.45% in the after-hours session.

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