Jack Dorsey’s Square Confirms: We Are Building a Bitcoin Hardware Wallet
Jack Dorsey’s Square Confirms: We Are Building a Bitcoin Hardware Wallet
Jack Dorsey’s financial services company Square has confirmed its plans to build a hardware Bitcoin wallet to enhance mass adoption.
A month after dabbling with the idea of developing a BTC hardware wallet, Square’s Jesse Dorogusker said the company has decided to do it. He outlined the community’s engagement as the primary reason behind the firm’s decision.
CryptoPotato reported in early June when Jack Dorsey, the CEO of Square and a prominent Bitcoin bull, said the company considered building a BTC hardware wallet.
Although the firm was yet to make its final decision at the time, Dorsey provided some details on what the final product could look like – “if we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.”
He indicated that Bitcoin investors would benefit from such an “inclusive product that brings a non-custodial solution to the global market” as it reaffirms the popular narrative “no keys, no cheese,” also known as “not your keys, not your bitcoins.”
Roughly a month later, Square’s Jesse Dorogusker confirmed that the company would indeed go ahead and “build a hardware wallet and service to make bitcoin custody more mainstream.”
We’re doing it #Bitcoin https://t.co/IwbKuBoXGv
— jack (@jack) July 8, 2021
Shortly after, the CEO of Square and Twitter also said, “we’re doing it #Bitcoin.”
With these plans, Square has further reaffirmed its support for the primary cryptocurrency. As reported late last year, the company put BTC on its balance sheet after a $50 million purchase.
Later on, the firm announced record-breaking revenue in Q1 2021, which was mainly driven by customers buying bitcoin through its platform.
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