Jack Dorsey and Jesse Dorogusker have both confirmed that Square is building a Bitcoin hardware wallet, the hardware wallet is the best way to ensure crypto safety for users.
Square, a digital payments company, is developing a Bitcoin hardware wallet, according to CEO Jack Dorsey and hardware lead Jesse Dorogusker, both of whom confirmed the proposal on Twitter.
Last month, the software entrepreneur and Bitcoin supporter teased the concept for a Square hardware wallet and custody service, but today he confirmed that “we’re doing it.”
We’re doing it #Bitcoin https://t.co/IwbKuBoXGv
— jack (@jack) July 8, 2021
Square aims to make Bitcoin custody more widespread, according to Dorogusker, who explained the hardware wallet distribution path on Twitter:
“We have a lot of questions and issues to reconcile and we’ll start with this product direction: Bitcoin first, global distribution, multisig to achieve ‘assisted-self-custody,’ and prioritizing mobile use.”
Our next step is to build a small, cross-functional team, which will be led by @max_guise (welcome back!!). We will incubate this full-stack of tech, design, product, manufacturing, and supply chain with @templetonthomas & Square’s hardware team to start with a strong foundation.
— Jesse Dorogusker (@JesseDorogusker) July 8, 2021
Last month, Dorsey described the term “assisted-self-custody,” stating that the company wants to make operating a hardware wallet easier.
“It doesn’t have to be all-or-nothing when it comes to custody. Using ‘aided self-custody,’ we can undoubtedly simplify custody. “Great product design is required for assisted: low setup time, reliance on existing devices, and end-to-end reliability,” he stated.
The question of crypto custody is becoming increasingly significant as the market has experienced a massive increase in speculation from new investors over the last 12 months.
Because they allow users to store their private keys and holdings on external offline devices, hardware wallets are one of the most secure ways to store crypto-assets. However, average users claim that they are difficult to learn to utilize.
Storing funds on an exchange can be problematic because the user loses control of their assets, which can be lost due to hacking or become subject to restrictions.
Hackers can also easily steal users’ digital assets by using strategies geared at obtaining personal information, such as sim swaps, spyware, and even fraudulent Google Play apps. Malware can infect software wallets on computers or mobile devices.
