2 November 2024
Square to Build a Bitcoin Hardware Wallet: Jack Dorsey
Digital payments company Square has confirmed its plans to develop a hardware wallet for Bitcoin with CEO Jack Dorsey and hardware lead Jesse Doroguske.
This confirmation comes one month after Dorsey hinted about Square considering building a hardware wallet, letting users store digital assets on a computer or smartphone. "We're doing it #Bitcoin," Dorsey wrote in a retweet of a tweet from Jesse Dorogusker.
Dorogusker also revealed that Square wants to make Bitcoin custody more mainstream and outlined the hardware wallet rollout pathway. "We have a lot of questions and issues to reconcile, and we'll start with this product direction: Bitcoin first, global distribution, multisig to achieve 'assisted-self-custody,' and prioritizing mobile use."
Bitcoin wallets are used to store cryptocurrency and have a private key for security. On the other hand, hardware wallets are considered as one of the secure ways to hold crypto-assets as they enable users to store their private keys and holdings on external offline devices.
Moreover, Dorsey noted that Square is looking into a feature that would allow users to auto-invest in BTC. The two most prominent players of the hardware wallet industry are Ledger and Trezor.
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