Square will create a hardware wallet and Bitcoin storage service. This was announced by the head of the department of development of hardware products of the payment company Jesse Dorogusker (Jesse Dorogusker).
We’re doing it #Bitcoin https://t.co/IwbKuBoXGv
— jack (@jack) July 8, 2021
“We decided to create a hardware wallet and service to make storing bitcoin more widespread. We will continue to ask and answer questions openly. The community reaction to our thread about this project has been amazing, ”wrote Dorogusker.
According to him, the company has begun to assemble a team to develop the wallet. It will be headed by Max Giese, Head of Device Security at Square. The product will also be worked on by Thomas Templeton, who, like Dorogusker, is from Apple.
The head of the development department noted that the company will focus on mobile use of the wallet and the concept of “assisted-self-custody”. Square CEO Jack Dorsey explained the term last month.
3/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. How should we be thinking about assisted solutions?
— jack (@jack) June 4, 2021
“Storage does not necessarily mean all or nothing. Perhaps we can simplify this function with “self-storage auxiliary”. Such a solution requires excellent product design: minimal setup time, compatibility with existing devices and end-to-end reliability, ”he wrote.
Answering questions on Twitter, Dorsey emphasized that this is a wallet. open source, which the can be integrated with smartphones. The head of the company also confirmed that ease of use was one of the requirements for the project.
That’s the plan
— jack (@jack) July 9, 2021
Dorsey assured users that third parties will not be able to access the assets in the wallet.
Story Lab developer Joshua Bird asked in the comments why Square chose Bitcoin over an asset like Stellar (XLM). He called the first cryptocurrency “an outdated technology that is destructive to the planet and all life on Earth.”
Bitcoin is outdated tech that is devastating to the planet and all life on Earth. Why not simply use something like $ XLM?
— Joshua Byrd (@phocks) July 8, 2021
Byrd’s question remained unanswered, but Dorogusker noted that the company plans to start with Bitcoin.
Dorsey announced the possibility of creating a Square hardware wallet in June 2021. Then he noted that the company will be guided by the principles of maximum openness, and announced a possible combination of the product with the Cash App.
In October 2020, Square invested $ 50 million in digital gold.In February 2021, the company acquired an additional $ 170 million worth of cryptocurrency.
In the first quarter of 2021, Bitcoin sales through the Cash App brought Square $ 3.51 billion.