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Jack Dorsey reveals Square could launch a hardware Bitcoin wallet Jack Dorsey reveals Square could launch a hardware Bitcoin wallet

Jack Dorsey reveals Square could launch a hardware Bitcoin wallet

Dorsey said the wallet would be done โ€˜entirely in the open,โ€™ referring to its possible open-source design.

Jack Dorsey reveals Square could launch a hardware Bitcoin wallet

Cover art/illustration via CryptoSlate

Payments company Square is weighing the launch of a hardware Bitcoin wallet, CEO Jack Dorsey said on Twitter today.

โ€œSquare is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,โ€ he said.

The eCommerce ecosystem enables its customers to start, run and grow their businesses by enabling sellers to turn their mobile devices and computing devices into payments and point-of-sale solutions.

Bitcoin for all

Dorsey is a famed Bitcoin proponent, and Square has previously invested over $220 million in the worldโ€™s largest crypto asset. The wallet announcement, however, marks a first for the company.

โ€œWhat are the biggest blockers to get a non-custodial solution to the next 100M people?,โ€ asked Dorsey in the tweet, stating that security and custody were a massive problem for everyday holders.

Some of the points raised by Dorsey in his tweet thread revolved around the design, safety features, accessibility, and overall self-custody for users. His tweets mainly focused on largely one-stop, fully self-custodied wallet solutions for people to hold their own Bitcoin, instead of depending on a centralized entity or third-party solution (which is just banking with extra steps).

Various features

Dorsey pointed out that most people access the internet on mobile. โ€œAny solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities,โ€ he said, adding, โ€œAn uncompromising focus on mobile interaction is likely to include the most people. What are the dangers here?

โ€œMake it easy for customers to keep the funds they want quick access to at their fingertips, spendable with phone-only permissions while keeping the remainder under tighter, less available but more secure controls,โ€ he stated.

Meanwhile, Dorsey stated a Cash App integration is likely obvious for the company but that is only โ€œpart of the solution.โ€ โ€œA smooth experience likely depends on a custom-built app but it doesnโ€™t need to be owned by Square. We can imagine apps that work without Square and maybe also without permission from Apple and Google. You?,โ€ he stated, adding:

โ€œAnd weโ€™ll set up a dedicated Twitter and github account if we decide to build. Weโ€™ll update this thread with that information when weโ€™re ready. Thanks!โ€

Square stock bumped 2.59% after the announcement. Bitcoin, on the other hand, continues to dump after another Elon Musk tweet earlier this morning.