Square CEO Jack Dorsey Doubles Crypto, Announces Plans for Hardware Wallet

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Yesterday, July 8, 2021, Square’s head of hardware, Jesse Dorogusker, announced that the company will develop a hardware wallet for Bitcoin. A hardware wallet is responsible for storing the public and / or private keys associated with cryptocurrency transactions.

Company CEO Jack Dorsey mirrored the Doroguskers’ enthusiasm in a series of tweets indicating that the company would develop a GitHub repository and a dedicated Twitter account for the project.

The announcement of the development and launch of a hardware wallet comes just a month after Dorsey mentioned her consideration for the effort last month in a series of 12 tweets on June 4.

In the thread, Dorsey said Square will develop the wallet in collaboration with the crypto community and Square. In addition, the CEO explained in more detail the principles of custody of crypto wallets, stating that he wanted to make sure that all coin holders actually own their shares instead of entrusting the custody of them to a wallet provider in line.

Although the announcement of the hardware wallet was made, no consolidated details were released on Thursday. However, Dorogusker outlined a general plan for the effort: the wallets would be optimized for the mobile user, and they will not have custody, meaning that the wallet holders will have exclusive ownership and control of the keys to the. wallet and associated cryptography.

The renowned payment company has already developed products related to crypto. In 2018, Squares Cash App’s peer-to-peer (P2P) payment app launched an interface for its users to purchase fractional Bitcoin shares. Since then, Bitcoin Cash Apps revenue has reached more than $ 1.63 billion in the third quarter of 2020, according to Bitcoin.com. By January 2021, more than a million users had purchased Bitcoin through the Cash App interface.

Jack Dorsey did not hesitate to give his opinion on cryptography; his Twitter bio boasts #bitcoin. As a Silicon Valley innovator and pioneer, his hardware wallet initiative is poised for success. In other words: if it does not succeed, who can? In the meantime, all we can do is keep an eye on Twitter and GitHub to stay on top of this project.

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