Square, Jack Dorsey‘s financial services company, has revealed intentions to develop a Bitcoin hardware wallet alongside Jesse Dorogusker to increase mainstream adoption.
Early in June, Jack Dorsey sent a series of tweets announcing a collaboration with Jesse Dorogusker to create a hardware wallet for Bitcoin. Dorsey provided some details on what the final product could look like – “if we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.”
Further adding that Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market. Bitcoin wallets can be kept offline or online at cryptocurrency exchanges, users can buy and sell Bitcoin for traditional cash or other virtual coins.
Last month, Dorsey clarified the concept of assisted-self-custody, stating that the company is working to make managing a hardware wallet easier, as numerous firms have sprung up to meet a rising demand to secure one’s assets from the internet theft.
Custody doesn’t have to be all-or-nothing. We can probably simplify custody through ‘assisted self-custody.’ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability
The payment company confirmed the news in a tweet on Thursday, On the same day when US Senator Elizabeth Warren warned of the rising threats presented by the cryptocurrency industry to consumers and financial systems.
The subject of crypto custody is becoming increasingly relevant as the market has witnessed a tremendous increase in speculation from new investors over the last 12 months.
The firm also announced record-breaking revenue in Q1 2021, which was mainly driven by customers buying bitcoin through its platform. An early Bitcoin believer, Dorsey has also repeatedly argued that Bitcoin will be the single currency of the internet.
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