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Square Inc(NYSE: SQ)said Friday it would give out a grant to a designer seeking to simplify cryptocurrency wallets and make them more accessible to less technology-savvy users.

What Happened: The San Francisco-based financial technology company'scryptocurrency unit announced on Twitter that it was making the grant to Maggie Valentine who is working to simplify wallet onboarding flows by reducing technical jargon and increasing user education.

Square also shared Valentines first detailed proposal on social media, where she questions how to create an intuitive experience for non-crypto users while preserving the security of a users funds.

Why It Matters: The announcement of the grant comes a month after Square announced a $50 million investment in Bitcoin.

The Jack Dorsey-led companyhad called cryptocurrency an instrument of economic empowerment and a way to participate in a global monetary system which it said is aligned with Squares purpose.

Dorsey,who is also the CEO of Twitter Inc (NYSE: TWTR), had referred to Bitcoin as the best manifestation of an internet currency.

JPMorgan analysts said in October that Squares Bitcoin investment was a strong vote of confidence for the future of Bitcoin.

The companys Cash App saw revenue through Bitcoin rise 600% in the second quarter.

Price Action: Square shares closed nearly 8.8% lower at $154.88 on Friday and fell 0.45% in the after-hours session.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Square Funds Project To Make Cryptocurrency Wallets More Accessible To Everyone - Benzinga