Square Crypto, the crypto initiative of payments company Square, has announced that it is giving a $100k grant to the BTCPay Foundation, the non-profit organization behind BTCPayer Server. BTCPayer Server was founded in 2017 by Nicolas Dorier, a bitcoin developer. The project is a self-hosted, open-sourced bitcoin payments processor.
According to Square Crypto, while BTCPay Server may appear to be a direct competitor to Square, the firm believes everyone will benefit from open-sourced products. “This isn’t an investment in a competitor, it’s an investment in the future of money—something that Square obviously has a stake in,” Square Crypto’s official Twitter account states.
Square Crypto recently announced it had hired Matt Corallo, a Bitcoin Core contributor and Blockstream co-founder. Corallo will work on open-source Bitcoin projects for Square Crypto.