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Jack Dorsey’s Square Building Bitcoin Hardware Wallet to Make Crypto Custody More Mainstream

Square Building Bitcoin Hardware Wallet 'to Make Bitcoin Custody More Mainstream'

Jack Dorsey’s payments company, Square Inc., has confirmed that it is building a bitcoin hardware wallet and service with the aim to “make bitcoin custody more mainstream.”

Square’s Bitcoin Hardware Wallet in the Works

Square Inc. is building a hardware wallet, Jesse Dorogusker, the company’s hardware lead, announced Thursday on Twitter. He tweeted:

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.

Square and Twitter CEO Jack Dorsey subsequently confirmed, tweeting: “We’re doing it.”

Jack Dorsey's Square Building Bitcoin Hardware Wallet to Make Crypto Custody More Mainstream

Dorogusker explained: “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 Thomas Templeton & Square’s hardware team to start with a strong foundation.” The hardware lead elaborated:

We have a lot of questions and issues to reconcile and we’ll start with this product direction: bitcoin first, global distribution, multisig to achieve ‘assisted-self-custody,’ and prioritizing mobile use.

Dorsey first talked about his company considering building a hardware wallet on June 4.

The Square and Twitter CEO wrote at the time: “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.” He further opined:

Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market.

What do you think about Square building a bitcoin hardware wallet? Let us know in the comments section below.

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