Digital Assets: Square Mulling A Hardware Wallet For Bitcoin

July 9, 2021 | Digital Assets, News

Square executives tweeted their intentions to, therefore “make bitcoin custody more mainstream.”

There has been fresh development on the thought process on a bitcoin hardware wallet kicked off by Square (NYSE: SQ) CEO Jack Dorsey in June. Square hardware lead Jesse Dorogusker confirmed in a tweet that the company was going ahead with plans to make new tools for bitcoin. (Business Insider)

Square’s wallet development flagged off on Twitter

On June 4, 2021, Jack Dorsey tweeted:

“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.”

In a series of tweets Dorsey made the following proposals regarding the wallet:

  • Open source software and hardware
  • Development in collaboration with the community
  • Expected to be an inclusive product
  • A non-custodial solution for the global market
  • Mobile friendly and provide a superior experience despite the limitations and liabilities associated with mobile phones.
  • Security would be a key issue in such cases

Square’s Jesse Dorogusker tweeted Thursday:

“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We’ll 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, & inspiring.”

In addition, Dorogusker set out the initial markers for the Square wallet project:

  • Bitcoin first
  • Multisig to achieve “assisted-self-custody”
  • Prioritizing mobile use

Dorogusker also said that a small, cross-functional team would be formed, and led by Max Guise.

Square was “hiring key roles in hardware, software, security, and business,” he added.

Related Story:   Surging Cash App Volumes Help Square Crush Q1 Market Expectations                                                

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