Jack Dorsey, Square’s CEO, recently tweeted that his company is thinking about a Bitcoin hardware wallet.
His tweet, from June 4, reads,
“Square 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. We want to kick off this thinking the right way: by sharing some of our guiding principles.”
Within the thread that followed, he mentioned that the new wallet would be non-custodial. This feature gives users total control over their wallet keys and tokens. This is a new trend in the cryptosphere because Square and most other wallet apps hold their users’ cryptocurrencies on their behalf.
Explaining more about the new custody model, he wrote that the non-custodial design would be balanced with other features so that it is easy to set up on mobile devices. Additionally, the new product will include optional integration with Square’s payments app. Security features will consist of fund recovery procedures and integration with layer two blockchains for faster transactions.
Mr. Dorsey’s final remarks pointed at Jesse Dorogusker, Square’s hardware leader, who will discuss the project with the community and will set a Github page up in the future.
Square and Bitcoin
Square’s reliance on Bitcoin is not a new thing. The company added Bitcoin to its Cash App in 2018.
Then, in 2019, it started Square Crypto, which is a funding initiative for Bitcoin development. Square has also invested repeatedly in Bitcoin and its funding companies engaged in green Bitcoin mining.
Just in the current year’s first quarter, Square’s Bitcoin sale revenue was 3.5 billion USD. That’s more than half the company’s income.
Dorsey is, of course, much better known because of his other company, Twitter, which has remained away from the blockchain and cryptocurrency world.
The chances are that Square’s involvement in Bitcoin and other digital assets will not bring Twitter down that road at all. As we mentioned before, Square’s interest in Bitcoin alone is several years old, while Twitter has remained indifferent to it.