Jack Dorsey confirms: Square is building a BTC hardware wallet

Jack Dorsey confirmed that Square is building a BTC hardware wallet as we can see more on our latest bitcoin news today.

Square CEO Jack Dorsey confirmed that his payment company will build a Bitcoin hardware wallet. Square’s head of product development, Jesse Dorogusker, tweeted that the company had decided to develop a hardware wallet and service to make BTC custody more popular, and Dorsey just added that they have decided to do so. Dorsey said the company is considering building an open Bitcoin wallet from software to hardware design.

Square is considering a hardware wallet for. to create #bitcoin. If we do that, we’ll be building it completely openly, from software to hardware design to community collaboration. We wanted to put this mindset on the right track: by sharing some of our guiding principles.

– latch (@ latch) June 4, 2021

Bitcoin hardware wallets, or “cold” wallets, act as a flash drive for the cryptocurrency and ensure security by allowing users to store their private keys offline. Trezor and Ledger are two of the leading hardware wallet manufacturers, so Square has a lot of competition. However, the product is by no means a start for the company. Although Square is known for its smaller business payment processing software, Square has manufactured its own terminals and chip readers for point-of-sale payments. Its direct Venmo competitor Cashapp has started allowing BTC to be bought and sold.

Dorsey, and of course Square, have stated a number of times that they are committed to BTC. managing Director appeared at the BTC 2021 conference in Miami and the company bought over 8,000 BTC for its balance sheet. In its earnings report for the fourth quarter of 2020, the company argued that cryptocurrencies are an economic empowerment tool that allows individuals to participate in the global monetary system and secure a financial future. Dorsey hopes that by using the wallet, Square customers will help secure the future.

Square launched a $ 5 million bitcoin fund to promote crypto inclusion and promote crypto education, which is funded by interest from the company’s corporate coffers. This is a new initiative from Square that is investing a total of $ 100 million to promote financial inclusion and also improve the accessibility of cryptocurrencies and other technologies to minorities. The initiative includes a $ 25 million donation to the Netflix-led Black Economic Development Fund. As Square explained, the new funding will be funded by the interest it earns on invested bitcoins that the company originally took into its corporate coffers and invested with Genesis.

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