Calling all crypto engineers! It’s time to take out your resumes because the United States-based payment platform, Square is on the lookout for cryptocurrency engineers. Jack Dorsey, who serves as the CEO of both Square and Twitter published the job alert on twitter, while adding the little snippet about the salary being in the form of digital currency rather than traditional fiat currency. Dorsey’s tweet was as follows,
Square is hiring 3–4 crypto engineers and one 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!
Square is a mobile payment company, founded back in 2009 when its co-founder Jim McKelvey struggled to accept a credit card payment for a piece of art he created. It allows merchants to accept mobile credit card payments via a plastic dongle that can be inserted into the port of a phone. And very much like any credit card company, Square too takes its cut of the transactions.
According to Dorsey, Square “has taken a lot from the open source community to get us here,” this step is be his way of giving back to the community. All the while helping to further Square’s “broader interest” of having an accessible financial system for the Internet.
Last week I was considering my hack week project, and asked @brockm: “what is the most impactful thing we could do for the bitcoin community?” His answer was simple: “pay people to make the broader crypto ecosystem better.” This resonated with me immediately, so we’re doing it.
— jack ??? (@jack) March 20, 2019
Furthermore, Dorsey also commented on the idea behind the company’s willingness to pay their employees in digital currency. He explained that this decision is based on the intention “to make the broader crypto ecosystem better,” which in turn will contribute to the development of the Bitcoin (BTC) community.
Moreover, Dorsey particularly noted that this new initiative will be the first open source initiative of its kind that is independent from their actual business objectives. Mostly because the crypto engineers who will be hired, will solely focus on “what’s best for the crypto community and individual economic empowerment, instead on Square’s commercial interests.”
Square’s leap into the crypto space doesn’t come as much of a surprise when you consider the fact that Dorsey is openly pro Bitcoin and has expressed how strongly he feels about the digital currency on several occasions. In one of his interviews he even went as far as saying,
The Internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not, but I hope it will be.
Till now Square has managed to fare pretty well for itself as only last year the company registered $166 million in annual Bitcoin revenue. Additionally, Square also achieved over $52 million in Bitcoin sales for Q4, surpassing Q3 by $9 million and Q2 by more than $15 million.
But on the other hand, profit generated from the Bitcoin operations that involve Square’s consumer app Cash, remained low, as purchasing costs make up for the vast majority of revenue.
As monumental as this sounds Square isn’t the only company that is offering to pay their employees in cryptos. In fact, there are several companies that are offering digital salaries. Here is a partial list of companies that either give the option to employees to get paid in Bitcoin, or just don’t give a fiat option.
- Quadriga CX
- dana crowdfunding
- Fairlay – Prediction market
- Mastercoin Foundation (public ledger)
- Bits of Gold
All this shows that maybe we are nearing the era of crypto paychecks. After all crypto is very much here to stay. For further updates stay tuned to BlockPublisher.