Last month, Jack Dorsey, the Square CEO, stated in a tweet that the company was planning to create a non-custodian Bitcoin hardware wallet. He later confirmed this rumor by tweeting ‘We’re doing it’ while replying to Jesse Dorogusker, the Hardware Lead at Square Inc.
Jesse Dorogusker stated in a Tweet on June 9, that Square is going to build a hardware wallet as well as an accompanying service for Bitcoin. This is to support the company’s effort in bringing Bitcoin into the mainstream.
Square Inc. is an American fintech financial services and digital payments firm that is based in San Francisco, California. Jack Dorsey, who is also Twitter CEO, founded the company.
According to Jesse Dorogusker, the company is assembling a team to attend to the project. He emphasized that the product is still in the drawing-board stage. However, he stated that Square will seek to create a mobile-friendly, assisted-self-custody wallet for global crypto enthusiasts.
Jesse Dorogusker tweeted that; “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.”
While responding to the tweet, Jack Dorsey said, “With that, @jessedorogusker, I, and the team will listen and continue the conversation. And we’ll set up a dedicated Twitter and GitHub account if we decide to build. We’ll update this thread with that information when we’re ready. Thanks!”
Dorsey had earlier in June, released a series of tweets on his Twitter account where he stated that the company was weighing the possibility of making the device. He, in a thread, stated that: “Our next step is to build a small, cross-functional team, which will be led by @max_guise (welcome back!!). We will incubate this full-stack of tech, design, product, manufacturing, and supply chain with @templetonthomas & Square’s hardware team to start with a strong foundation.”
Square’s image as a mainstream fintech company will divert new attention to Bitcoin. The company is more recognized than even the most popular hardware builders in the crypto industry. It has also positioned itself as a name to reckon with by making Bitcoin easily accessible through Cash App.
What Does This Mean?
As the number of crypto-related scams and thefts increases, many companies have started serving a growing need to keep their crypto assets safe and well protected. A hardware wallet offers this opportunity by helping you to safeguard your crypto assets offline. It keeps crypto coins safe from the reach of online scammers. Hardware wallets are a non-custodial service since it allows you to have total control over your private keys. This proves that the funds belong to you.
The hardware wallet innovation will help reduce the occurrence of crypto-related scams. It will also make Bitcoin custody more mainstream.
What is a Hardware Wallet?
A hardware wallet is a form of cryptocurrency storage that secures and maintains the user’s private cryptocurrency keys in a hardware device. It provides security and utility when users interact with blockchains. The device allows users to simultaneously work on different blockchains. This means you can manage Bitcoin, Ethereum, and altcoins on a single device.
The content of the hardware wallet can be assessed with a password. Note that cryptocurrency is not stored in the hardware itself but in blockchains. The wallet only allows you to have access to the cryptocurrency in a portable manner. It can be likened to how a credit card can have access to your account from any ATM.
Since it is a hardware device, a hardware wallet keeps your cryptocurrency very secure. Also, it isolates your key from the internet, thereby preventing the occurrence of online attacks.
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