Square plans to build hardware wallet for Bitcoin, Jack Dorsey Confirms

Square plans to build hardware wallet for Bitcoin, Jack Dorsey Confirms

PEOPLE | July 13, 2021 | WOZINGA NEWS

Square plans to build hardware wallet for Bitcoin, Jack Dorsey Confirms

  • Digital payments company Square has decided to build a hardware wallet for Bitcoin, company CEO Jack Dorsey said on Thursday.
  • Square and Twitter CEO Jack Dorsey subsequently confirmed, tweeting: “We’re doing it.”
  • Square already allows users to buy and sell bitcoin using the cash app.

By Elah Mae Ariate Wozinga Journalist

Digital payments company Square has decided to build a hardware wallet for Bitcoin, company CEO Jack Dorsey said on Thursday. The announcement came a little more than a month after Dorsey said Square was considering building a hardware wallet. This allows users store digital assets on a computer or smartphone.

Square’s Bitcoin Hardware Wallet

Square and Twitter CEO Jack Dorsey subsequently confirmed, tweeting: “We’re doing it.”

“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We will 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, and inspiring,” said Jesse Dorogusker, the companys hardware lead.

A hardware Bitcoin Wallet allows user to securely store and access their Bitcoin information using private keys. These generally come in the form of a USB drive that plugs into the port on your computer. There are already options available in the market for users with Ledger’s Nano X considered by some to be the best.

“Bitcoin is for Everyone”

Square already allows users to buy and sell bitcoin using the cash app and Dorsey’s love for Bitcoin has been documented in the past. He has also gone on record to say that he would be working in Bitcoin if he was not at Square or Twitter.

“Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market.”

The Square and Twitter CEO wrote at the time: “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.”

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