Mobile consumers will be the target of the company’s non-custodial wallet.
According to a recent tweet from Square’s CEO, Jack Dorsey, the business will develop a Bitcoin hardware wallet.
Wallet Design Explained by Dorsey
On June 4, Dorsey announced the news on Twitter, stating why the company is working on a Bitcoin hardware wallet.
Dorsey went on to say in the chat that the business is working on a non-custodial wallet. Users will have total control over their wallet keys and cryptocurrency, whereas Square and most other applications now retain cryptocurrency on their behalf.
He also mentioned that the custody model doesn’t have to be all-or-nothing and that Square would strike a balance between a non-custodial design and simple to use and set up on mobile devices.
He also mentioned that the device would be compatible with Square’s payment app (Cash App) but would be an optional feature.
He also discussed security features, fund recovery methods, and layer two network connectivity for speedier transactions.
Dorsey ended by saying that he and Square hardware head Jesse Dorogusker will talk to the community about the project and that a Github page for it may be created in the future.
Square is heavily reliant on Bitcoin.
This isn’t Square’s only Bitcoin-related initiative. In 2018, the payments provider added Bitcoin to its Cash App for the first time.
In 2019, it moved on to launch Square Crypto, a company that sponsors Bitcoin development. Square has also made other Bitcoin investments totaling $220 million at the time of purchase and supporting green Bitcoin mining firms.
In Q1 2021, Bitcoin sales brought in $3.5 billion, accounting for more than half of Square‘s entire income.
Dorsey’s more well-known firm, Twitter, has made no significant investments in cryptocurrencies, so today’s revelation is unlikely to have an impact on the popular social media site.