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Square (SQ), Twitter (TWTR) – Jack Dorsey’s Square to Fund Developers of Popular Bitcoin Tools



Square Inc. (NYSE: SQ) announced a nearly $ 100,000 grant to two pseudonymous developers for their work on Bitcoin (BTC) block explorer Mempool.space.

What happened: On Wednesday, the Jack Dorsey-led company announced the allotment of 14,043,207 rates, or 0.14043207 BTC, per month for a period of the year on Twitter.

BTC traded 1.18% lower at $ 57,135.97 at press time, making the total contribution worth $ 96,285.

The two developers, who go by the pseudonyms Wiz and Softsimon, will also receive a $ 25,000 grant from the Gemini cryptocurrency exchange, CoinDesk reported.

A block explorer is a tool that helps users search for transaction IDs, wallet addresses, block height and more on blockchain.

Why it applies: The grants will allow the developer duo to cover all operating costs for The Mempool Open Source Project and take full pay, Wiz told CoinDesk.

In February Dorsey, who also leads Twitter Inc. (NYSE: TWTR), along with rap star Jay-Z, announced a $ 23.56 million donation to a trust fund that will fund the development of Bitcoin in Africa and India.

Last month, Dorsey’s first tweet raised a winning bid of 1,630.58 Ethereum (ETH) or nearly $ 2.9 million at the time as a non-fungal token (NFT).

Dorsey reportedly said he planned to convert all proceeds to BTC and send the funds to Give Directly’s Africa Response, which provides cash benefits to families living in extreme poverty in various African countries.

ETH traded 3.1% lower at $ 2,023.61 at press time.

Price action: Square shares closed almost 3.6% higher at $ 245.12 on Wednesday and gained 0.58% in the afternoon session.

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