Jack Dorsey’s Square Crypto close to making first hire

Square Crypto, a crypto-focused initiative announced by Twitter co-founder Jack Dorsey, is close to making its first hire.

In March 2019, Dorsey, who also co-founded San Francisco-based payments firm Square, introduced “Square Crypto” which he described as “Square’s first open source initiative independent of [its] business objectives.”

He had said at the time that Square was seeking three or four engineers and one designer for the initiative, which will focus “entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests.”

In a tweet dated May 21, Square Crypto said that it is closing in on making the first hire. It added that they are working on open source projects that will make crypto mass adoption “not just possible but inevitable.

In a previous tweet, Square Crypto had said that it was receiving a lot of query about the projects it was working on and prospective partners it was in talks with. It said:

“This project is not only a first for a company our size, it's also a first for any company ever. We're learning as we go. Big things are coming.”

In the meanwhile, another social media giant Facebook is also reportedly going big on cryptocurrency. The Mark Zuckerberg-led company is said to be working on its own cryptocurrency “GlobalCoin” with plans to launch it in about a dozen countries by the first quarter of 2020.

Recently, the U.S. Senate Banking Committee has asked Zuckerberg to share the details about the cryptocurrency project.