Twitter and Square CEO Jack Dorsey announced a new division within the payment processing company that will be focused on enriching the Bitcoin (BTC) ecosystem.

Jack Dorsey unveiled on his Twitter a new initiative within Square with the scope of actively contributing to the development of Bitcoin (BTC). According to the announcement, the company is looking for 3-4 developers that are currently contributing either to Bitcoin Core or other cryptocurrency projects and a designer.

The aim of the initiative is to provide the recruits with a full-time opportunity to continue working on solutions around the protocol and improve Bitcoin’s code base. In the spirit of the cryptocurrency ethos, all of the effort and contributions by the Square Crypto team will be open-source and freely available.

As the first open-source initiative of Square, Dorsey notes that this is a way of giving back to the open-source community that has been instrumental in many popular products or applications, including in the cryptocurrency industry.

Square Crypto will be entirely separate from the business objectives of the payments processor. The initiative is centered on empowering the community and Square’s commercial objectives won’t interfere with the activity of the recruited team.

Jack Dorsey has become a popular figure in the cryptocurrency community, often making the headlines with his outspoken support of Bitcoin (BTC).

The CEO has recently been a linchpin in raising awareness about Bitcoin and the Lightning Network, participating in the Lightning Torch event and lauding the integration of lightning with Twitter through the TippinMe extension. He also owns a Casa Node.

With this initiative, Dorsey basically opens a funding campaign for the development of an open-source protocol. Considering that Square is also active in the cryptocurrency industry with its CashApp, this move is an example to follow for other companies building on top of cryptocurrency protocols.

The cryptocurrency community has had a positive reaction to the announcement, applauding the commitment of Square and the message it sends to other peers in the industry.

What do you think of the initiative from Square? Will other cryptocurrency companies follow suit? Share your opinion in the comments!

Image courtesy of Twitter, Shutterstock.