Square CEO Jack Dorsey: We are considering making a hardware wallet for bitcoin
Square CEO Jack Dorsey told in a Twitter thread that the company is considering building a hardware bitcoin wallet. This will give consumers greater control over the cryptocurrency they own.
Bitcoin transactions have developed a booming business for Square. It allows consumers to make procurements using the Cash App and store the currency digitally. Bitcoin revenue at the company scaled to $4.75 billion last year from $516.5 million in 2019.
Square is seeing making a hardware wallet for #bitcoin. If we do it, we would shape it completely in the open, from software to hardware design, and in partnership with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
Square Inc., the mobile expenses company behind the prevalent Cash App, is intensely considering developing an open-source Bitcoin (BTC) wallet. It is signaling constant conviction in the future of digital currency payments.
Square CEO Jack Dorsey specified that the company is looking to build a hardware bitcoin wallet. Shares of Square went up about 1% on Friday. While Square delivers a digital wallet, Dorsey is suggesting a product that would give users more switch over the cryptocurrency.
Dorsey drew his foundation for a new Bitcoin hardware wallet in a sequence of posts where he reiterated. The importance of self-custody and the requirement to generate a seamless mobile experience for crypto users should be known.
Dorsey is signifying how some exchanges presently work. PayPal, for instance, lets you purchase bitcoin but it controls the “private key” and works, as Dorsey explains. PayPal also doesn’t let customers move bitcoin to wallets external to the PayPal ecosystem.
Dorsey said Square might be able to shorten how people hold bitcoin by creating “assisted self-custody”. He stated that would make it relaxed for customers to spend a certain percentage of available funds from their phones. This can be done safely safeguarding the rest of the money in the wallet. Dorsey stated that integration with the Cash App is “obvious” but “only part of the solution.”
Dorsey specified the solution doesn’t “need to be owned by Square”. He will provide further details “if we decide to build” the product.
CBW - External Analyst