Square plans to build the first hardware wallet in Bitcoin (BTC)
Square Payments’ Twitter CEO Jack Dorsey has confirmed that it aims to build a first hardware wallet in Bitcoin (BTC) “to make Bitcoin custody more popular”.
Square wants to build the first hardware wallet in Bitcoin (BTC)
Square co-founder and Twitter CEO Jack Dorsey said in a series of tweets today that the mobile payments platform is considering developing a hardware wallet for Bitcoin.
“Bitcoin is for everyone,” he said. “It was important for us to develop a comprehensive product that would bring unmanaged solutions to the global market.”
Dorsey expands what he believes is the industry’s greatest challenge at the moment.
Lord said. “The decision to obtain custody and the safety of your bitcoins is a complicated one.”
“The lien doesn’t have to be all or nothing,” he continued. “We can simplify guardianship through assisted autonomy.” Support large product design needs: minimal set-up time based on existing equipment and end-to-end reliability. “
He said any supported solution would be mobile-focused, although this comes with challenges of its own, including easy access to money while maintaining a high level of security.
“Today’s recovery mechanisms are burning money,” he said. The customer must protect the recovered information from damage, loss, theft and store confidential information. In fact, this is not done yet. We don’t want more passwords when we post it. We should consider the best solution among the class solutions. “
Additionally, Dorsey said the company is considering “cash app integration,” which he believes is “obvious to us, but only part of the solution.”
“A smooth experience can depend on custom apps, but doesn’t have to be owned by Square. We can imagine apps that work without Square and possibly without the permission of Apple and Google. “
Dorsey concluded by saying that he and Jesse Dorogusker, Hardware Lead at Square Inc., will work together to listen and continue the conversation about their unified blockchain solution.
“We have many questions and problems to solve and will start with this product direction: Bitcoin first, global distribution, multisig to achieve ‘powered autonomy’ and priority. Use mobile devices, ”Jesse Dorogusker, Hardware Lead at Square Square wrote on a Twitter thread today.
The company is currently building a dedicated team.
“We’re hiring for key positions in hardware, software, security and business,” said Dorogusker, adding that they “continue to ask and answer open-ended questions” as they expand their hardware wallet.
Dorsey used Twitter to explain more about the project, which is being “completely open, from software to hardware design and in collaboration with the community.”
The CEO also confirmed today that he plans to integrate his wallet with smartphones and that the wallet’s code will be open source.
Additionally, Dorsey noted that Square is considering a feature that would allow users to automatically invest in BTC.
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