Jack Dorsey Reveals Square’s Provisional Plans for Bitcoin Hardware Wallet
Square Inc., the mobile payments firm behind the famous Cash App, is seriously contemplating creating an open-source Bitcoin (BTC) wallet, indicating that it remains hopeful about the prospects of cryptocurrency settlements.
Jack Dorsey, CEO and co-founder of Square said “Square is considering making a hardware wallet for Bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.”
In a flurry of tweets, Dorsey articulated his reasoning for a new Bitcoin hardware wallet, emphasizing the necessity of self-custody and the necessity for a smooth mobile interface for crypto consumers. According to Dorsey, “assisted self-custody” might help manage one’s personal crypto wallet a lot easier:
“It wouldn’t have to be all-or-nothing when it comes to custody. Using ‘aided self-custody,’ we can undoubtedly streamline custody. Aided demands excellent product design, including easy deployment, reliance on current devices, and end-to-end dependability.”
While self-control is vital, Dorsey believes a convergence of factors is required to entice young Bitcoin users. He went on to say, “Layer 2 is necessary for development.”
“The orders-of-magnitude development we anticipate will necessitate a combination of custodial, off-chain, and second-layer solutions that enable users to ‘get off of 0.’” What technological expenditures are needed to allow L2 built – in support for a hardware wallet that is frictionless, scalable, and secure?”
With 8,027 BTC on its balance sheet, Square is one of the largest corporate Bitcoin investors. Given current rates, its holdings are valued $297 million. The majority of Square’s Cash App’s revenue comes from Bitcoin sales, indicating increased customer attention in the digital asset class.
Square is considering making a hardware wallet for #bitcoin. 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.
— jack (@jack) June 4, 2021