Square confirms plans to develop a hardware Bitcoin wallet

Square will create a hardware wallet and a service for storing Bitcoin. This was announced by Jesse Dorogusker (Jesse Dorogusker), the head of the hardware-products development department at the payments company.

We’re doing it #Bitcoin https://t.co/IwbKuBoXGv

— jack (@jack) July 8, 2021

«We decided to create a hardware wallet and a service to make storing Bitcoin more widespread. We will continue to ask questions and answer them openly. The community’s reaction to our thread about this project has been amazing», — Dorogusker wrote.

According to him, the company has begun assembling a team to develop the wallet. It will be led by Max Giz, head of Square’s Device Security. Thomas Templeton, who like Dorogusker is a former Apple employee, will also work on the product.

The head of development noted that the company would emphasize the wallet’s mobile use and the concept of “assisted self-custody” (assisted-self-custody). Last month, Square’s Jack Dorsey explained this term.

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 have to be all-or-nothing. Perhaps we can simplify this feature with “assisted self-custody.” Such a solution requires excellent product design: minimal setup time, compatibility with existing devices, and end-to-end reliability», — he wrote.

In response to questions on Twitter, Dorsey stressed that this is a wallet with open-source code, which can be integrated with smartphones. The head of the company also confirmed that ease of use was one of the project’s requirements.

That’s the plan

— jack (@jack) July 9, 2021

Dorsey assured users that third parties would not be able to access assets held in the wallet.

Story Lab’s Joshua Byrd asked in comments why Square chose Bitcoin rather than an asset like Stellar (XLM). He called the first cryptocurrency “an outdated technology that is devastating to the planet and all life on Earth”.

Bitcoin is outdated tech that is devastating to the planet and all life on Earth.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

The question remained unanswered, however Dorogusker noted that the company plans to start with Bitcoin.

The possibility of creating Square hardware wallet Dorsey said in June 2021. At that time, he noted that the company would be guided by the principles of maximum openness, and announced a possible integration of the product with the Cash App.

In October 2020, Square invested $50 million in digital gold. In February 2021 the company additionally purchased cryptocurrency for $170 million.

In Q1 2021 Bitcoin sales through the Cash App brought Square $3.51 billion.

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