Jack Dorsey’s Square Confirms: We Are Building a Bitcoin Hardware Wallet

3 weeks ago

Jack Dorsey’s financial services company Square has confirmed its plans to build a hardware Bitcoin wallet to enhance mass adoption.

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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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