Digital payment solutions company Square is working on developing a hardware wallet for cold storage of Bitcoin, CEO Jack Dorsey has confirmed.
Rumors about Square, the digital payment solutions company that allows payments in bitcoins, to be developing a new product for the cryptocurrency market leader were confirmed by the Company's CEO Jack Dorsey and the company's head of product development, Jesse Dorogusker.
At the beginning of June, Jack Dorsey, CEO of Square and Twitter, used the mini-blogging social network to report that Square was considering the possibility of developing a hardware wallet to Bitcoin (BTC). The news was confirmed this Thursday, when Dorogusker revealed that the company has decided to start the development and construction of a physical wallet for the cold storage of bitcoins, making the cryptocurrency custody service offered by the company more secure and reliable. A few minutes later, Dorsey responded to Dorogusker's post by writing “We are doing it”.
For his part, Dorogusker noted that the response from the crypto community to this news has been very “encouraging, generous, collaborative and inspiring” for the company.
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Integrating the crypto community
When Dorsey first discussed Square's plans to develop a physical wallet for storing bitcoins, he noted that it would be built collaboratively with the community, from software to hardware, to ensure the creation of an intuitive product that meets with the needs of all its users.
Likewise, the CEO of the company indicated that they would be considering the possibility of building the new wallet in Bitcoin layer 2, which would ensure greater scalability and performance to keep commission rates quite accessible. The company is also considering the possibility of integrate your Cash application, or at least “a part” of said solution, to the new physical wallet.
Dorsey noted that Square appointed a team of experts, led by Max Guise, to design the hardware wallet. He also noted that he will keep suggestions open to receive valuable recommendations from interested parties.
Assisted self-custody for bitcoin
With this new product, which is in the design phase, Square launches a market led by Ledger and Trezor, the largest manufacturers of bitcoin hardware wallets in the world. However, Dorsey pointed out that his company's idea is to design an inclusive physical wallet, which integrates a simplified storage solution for users, such as “assisted self-custody”, to provide an efficient and effective solution without dependencies to the market. global.
In the design of the new hardware wallet, it is also important to provide an excellent experience when using mobile devices, since most people access Internet services from their smartphones, Dorsey noted via Twitter.
Jack Dorsey and his participation in Bitcoin
Dorsey is one of the most well-known Bitcoin advocates in the industry. On numerous occasions he has expressed his full support for cryptocurrency and its development. He even, through Square's subsidiary, Square Crypto, provides grants and financing to Bitcoin software developers, to guarantee their future.
In June, Dorsey stated that there is nothing more important in his life to work on than Bitcoin, and he also stated that if Square or Twitter did not need his work, he would dedicate himself completely to the development of BTC. For Dorsey, this cryptocurrency has revolutionized absolutely everything, with its potential to create value and financial development to boost underdeveloped areas and its potential for long-term revaluation, which functions as a reserve and protection against the inflation of fiat currencies.
On the other hand, Square is one of the most important institutional investors in Bitcoin, with more than 8.000 BTC on its balance sheets. The value of Square's holdings in the cryptocurrency exceed $265 million at press time.
Currently, Bitcoin (BTC) is trading at a value of $33.150 per unit, according to CoinGecko data.
Continue reading: Square invests 170 million in Bitcoin and adds another 3.318 BTC to its balance sheets
