Square Inc, an American fintech company and digital payment firm launched by Jack Dorsey, has confirmed that it already plans to develop a Bitcoin hardware wallet.
In a July 9 tweet, the CEO Jack Dorsey and head of hardware at Square, Jesse Dorogusker, confirmed there are ready plans for the development of a hardware wallet:
“We’re doing it.”
— jack (@jack) July 8, 2021
Last month, Chief Executive Officer Jack Dorsey hinted that the company was considering creating a non-custodial hardware wallet for Bitcoin.
Dorogusker has highlighted on Twitter that Square wants to make Bitcoin custody more mainstream and outlined the pathway for the hardware wallet rollout:
“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
Earlier in June, Dorsey explained the term “assisted-self-custody,” noting that the firm is exploring a more simplified experience for managing a hardware 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.”
Since the crypto sector has recorded a major uptick in speculation from new investors joining the sector amid general growth in the industry over the last 12 months, the topic ‘crypto custody’ is becoming quite important.
Hardware wallets are among the most secure ways available for investors to hold their crypto assets. These wallets enable users to store private keys and holdings on external offline devices. But, average users sometimes complain that these wallets are complicated to use.
Storing funds on a cryptocurrency exchange can be extremely risky since the user does not have full control over their assets. There are times when these funds get exposed to hacks or get caught up in unfavorable regulations.
Furthermore, it becomes easy for hackers to steal users’ digital assets by developing tactics for acquiring personal information, such as sim swaps, malware, and even fake apps on the Google play store. Indeed, software wallets on computers or mobile devices also face the risk of malware.