The mobile payments company that is behind the popular Cash App, Square Inc, is now considering creating an open-source bitcoin wallet. This move shows continued conviction in the future of digital currency payments. CEO and co-founder Jack Dorsey tweeted on June 4:
“If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.”
Dorsey explained his rationale for a new BTC hardware wallet in several posts, where he insisted on the importance of self-custody and the need to develop a seamless mobile experience for cryptocurrency users. In the CEO’s view, “assisted self-custody” can majorly simplify the experience of managing one’s crypto wallet:
“Custody doesn’t have to be all-or-nothing. We can probably simplify custody through “assisted self-custody.” Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”
Even though self-custody is important, Dorsey mentioned that a confluence of forces is necessary to attract new users to Bitcoin. He stated:
“Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market. Layer 2 is essential for growth. The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?”
Square is one of the biggest corporate holders of Bitcoin. It has 8,027 BTC on its balance sheet. Its holdings are currently worth around $297 million based on the current market prices. Currently, Square’s Cash App is generating the most revenue from bitcoin sales, which shows some growing retail interest in the digital asset class.