Payment Firm Square to Launch a Bitcoin Hardware Wallet

Payments firm Square is planning to create a Bitcoin Hardware Wallet in collaboration with the community.

Jack Dorsey took to Twitter, explaining why the firm plans to develop a Bitcoin hardware wallet. He stated that the company aims to build a non-custodial wallet giving users control over their keys and Crypto. Currently, Square and most other apps hold Crypto on behalf of users.

“Custody doesn’t have to be all-or-nothing,” Dorsey continued. Square will balance a non-custodial design with a design that will require minimal setup time, relying on existing devices, and end-to-end reliability.

Furthermore, Dorsey stated that the product would be integrated with Square’s payments app (Cash App) and discussed security features, fund recovery procedures, and integration with layer 2 networks for faster transactions.

Square has been highly active in the crypto sphere and funded development of the Bitcoin ecosystem. The company has also made Bitcoin investments amounting to $220 million, and it is also financing  companies engaged in green Bitcoin mining.

Square saw approximately $3.5 billion in revenue from Bitcoin sales in Q1 2021, making up more than half its total revenue. However, it remains to see whether Dorsey’s better-known company, Twitter, moves into the Crypto- sphere in any significant way.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.