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Jack Dorsey's Square Inc is building bitcoin hardware wallet

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Shivangi Mujumdar Follow

INDIA

Jul, 09 2021

Jul, 09 2021

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    Jack Dorsey's Square Inc shall soon be making a bitcoin hardware wallet. The lead of the company’s hardware Jesse Dorogusker made the announcement of the same. The CEO Jack Dorsey who is also Twitter CEO had stated in June 24 that company soon shall be planning to make bitcoin hardware wallet and now the decision is taken forward.


    About the news storm: 

    Dorogusker in recent interview stated “We have decided to build a hardware wallet and service to make bitcoin custody more mainstream,”. While continuing the statement, he further added “We’ll continue to ask and answer questions in the open. This community’s response to our thread about this project has been awesome - encouraging, generous, collaborative, & inspiring.” 


    The confirmation of the same was given by Square CEO Jack Dorsey via Twitter. The confirmation clearly stated that the payments which company shall be planning will be done to create a Bitcoin hardware wallet. 


    The first tweet however had come from product development Jesse Dorogusker on the decision while Dorsey retweeted it and added, "We're doing it." 


    About Bitcoin hardware wallets: 

    Also popularly refers as cold wallets, the Bitcoin hardware wallets is more like a flash drive that has been specifically designed for cryptocurrencies. It is not connected to web and is known for better security. Due to this it allows people with better stage of their private keys at offline mode. 


    Other than this, Trezor and ledger has been two of the makers of top hardware wallet and now after the announcement Square seems to be a serious competition. 


    However, it seems the product may not be a great company departure. Even if it’s popular for the small businesses as the best payment processing softwareSquare has made its own terminals that are sleekly designed while there is also a chip readers designed for point-of-sale payments. 


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    Shivangi Mujumdar

    CBW - External Analyst

    INDIA

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