Copy link
Increase text size
Decrease text size
Link copied

Square Crypto makes first major project announcement

Wed, 22 Jan 2020, 10:46 am UTC

Square Crypto, a bitcoin-focused unit of payments company Square, has announced that it is developing a “Lightning Development Kit” to help wallet and app developers easily create custom experiences.

Since the bitcoin unit’s official announcement by Twitter and Square CEO Jack Dorsey in March 2019, this appears to be the group’s first major project announcement.


Square Crypto revealed that it spoke to dozens of developers before deciding on a major project. It said:

“What we heard was a need for Lightning integration with a different set of use cases. To us, this also meant creating something that open-source developers would want to continue building independently of our involvement. That’s why we based it on the Rust-Lighting project.”

In an online post detailing the LDK, Square Crypto said that the new kit will include an API, language bindings, demo apps, and other features that will make integrating Lightning “easy, safe, and configurable.”

Also, existing bitcoin wallets would be able to add Lightning capabilities through the kit, without the need to create a separate wallet for the purpose. LDK will also simplify supporting multi-device, multi-application access to a single wallet and allowing wallets to make UX/security/privacy tradeoffs such as external transaction signing and customizing their state backup to a cloud service, the group said.

“Today’s Lightning infrastructure is incomplete without features like these. Even though that makes LDK a big project, that’s also what makes it right for Square Crypto,” it added.

Square Crypto has made a number of key hires in the past couple of months, including former Google director Steve Lee, Blockstream co-founder Matt Corallo, Facebook and BitGo alum Arik Sosman, Lightning Labs alum Valentine Wallace, and Google alum Jeffrey Czyz.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,779.61 (-1.30%)
  • Ethereum (ETH) $252.69 (-5.61%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $402.15 (-9.07%)
  • Bitcoin SV (BSV) $277.92 (-12.53%)
  • Bitcoin (BTC) $9,779.61 (-1.30%)
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
10:18
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
09:47
SBI Crypto enters into blockchain cooperation partnership with Northern Data
09:25
Wells Fargo invests $5M in crypto monitoring firm Elliptic
09:01
Crypto Technicals: XRP/USD pauses at 0.34 handle, consolidation likely before next leg higher
07:37
Election Commission of India looks to blockchain to tackle lost votes
06:26
Crypto Technicals: 'Spinning Top' dents upside in ETH/USD, technical bias remains bullish
06:20
Crypto lending startup BlockFi secures $30M in Series B financing
05:20
Crypto Technicals: BTC/USD holds above 10,000 mark, trades rangebound at 5-DMA support
04:53
IOTA Foundation investigates fund theft in Trinity wallet
Feb 13, 2020 (Thursday)
12:20
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:19
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:19
U.S. Treasury Department’s FinCEN working on new crypto regulations
11:47
Defense contractor BAE Systems is hiring ‘cryptocurrency exploiters’
11:07
DTCC calls for industry consortium and comprehensive framework to address DLT security risks
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft