CEO Jack Dorsey of Square tweeted a recruiting post looking for crypto engineers and suggested that the salary payment could be made in bitcoin, according to a tweet published on March 20.
The tweet went:
“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!”
Dorsey explained his intention to use bitcoin as payment for employees will serve the purpose of making “the broader crypto ecosystem better” hence supporting the development of bitcoin (BTC) community.
He also emphasized that recruited employees will majorly devote effort to “what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests.”, making this the first open source initiative independent from their business.
Recently, Dorsey reiterated his stance on Bitcoin being the Internet’s native currency:
“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”
In 2018, Cointelegraph reported Square’s annual revenue was $166 million with over $52 million in Bitcoin sales for Q4, exceeding Q2 and Q3 of the same year by $15 million and $9 million respectively. However, a major proportion of revenue comes from purchasing costs, which means the profits after all expenses from the Bitcoin operations, involving Square’s consumer app Cash, remained low.