Bringing cryptocurrency payments to a larger audience is no easy feat. Many companies are trying to do so, albeit to little or no avail. Square Crypto, the branch of Square, which focuses on the cryptocurrency industry, is trying to change that aspect. Their recent investment in BTCPay Server shows there may be a bright future ahead for crypto payments on a global scale.
What is BTCPay Server?
Not everyone will be familiar with BTCPay or its open-source cryptocurrency payment processing solution. BTCPay is a project designed to disrupt the centralized nature of Bitcoin and altcoin payments, which should result in a more competitive ecosystem for everyone to benefit from. Although numerous noteworthy service providers exist already there is always plenty of room for new players to make their mark.
The BTCPay Foundation is in charge of maintaining and providing the code powering the BTCPay Server. However, it seems the company will explore other business models as well. Which options that might entail, remains anyone’s guess at this time. Square Crypto seemingly sees a lot of merit in this project, thus it will be interesting to see what the team can come up with in the months and years ahead. Square Crypto will continue to offer grants to open-source Bitcoin projects regardless.
A $100,000 Grant
To further confirm Square Crypto means business, they offered the BTCPay Foundation a grant of $100,000. The main purpose is to support the BTCPay server solution moving forward. However, Square Cash also confirmed BTCPay can create any other project they see fit, as long as it remains open-source and improves upon Bitcoin’s shortcomings in a meaningful manner. Those problem areas include scaling, security, privacy, user experience, and fungibility.
In fact, the investment branch goes as far as claiming how BTCPay “represents everything they love about open-source Bitcoin projects”. It is somewhat rare to see such positive remarks about a project most people don’t even know existed. Pushing the overall adoption of Bitcoin to new heights needs to be taken are of sooner rather than later. It has been postponed for several years now, leading to a degree of stagnation in the Bitcoin industry.
Can it Compete With BitPay and Others?
Entering the crypto payment space is one thing, but being successful is something else entirely. To this date, most people can only name one payment processor, in the form of Bitcoin. Other companies, such as CoinPaymentsand BitKassa are still struggling to increase their reach on an active basis. It is an ongoing struggle for a lot of companies, primarily because the established names have so much clout already.
That being said, it is primarily due to these existing companies that there is so little growth in the cryptocurrency payment industry over the past few years. It is time for new service providers to emerge and try to stake their own claim. Especially when considering how this is an open-source solution, the expectations are high. That said, it is up to individual coders and developers to make the most of this project and adapt it to the needs of millions of users worldwide.