Jack Dorsey’s Square Launches New Crypto Wallet
Jack Dorsey’s payment company, Square, is jumping on the crypto train and building a Bitcoin hardware wallet to try and make crypto custody more mainstream.
Square, the payments company headed by Twitter CEO Jack Dorsey, is working on a Bitcoin hardware wallet in an effort to make crypto custody more mainstream and contribute to wider crypto adoption.
The announcement comes a month after the company said that it was considering a break into the wallet world, and the enthusiastic reaction from the crypto community apparently prompted the company to make its move.
A personal hardware wallet is non-custodial, which means that crypto holders can stay in control of their own private keys instead of requiring third parties like crypto exchanges to handle the keys on their behalf.
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We’ll continue to ask and answer questions in the open.
“This community’s response to our thread about this project has been awesome – encouraging, generous, collaborative, & inspiring, said the company’s hardware lead, Jesse Dorogusker, in a twitterstorm.
Dorsey’s devotion to Bitcoin is no secret – #bitcoin is all that the tech titan talks about on his Twitter bio, and the billionaire thinks that the currency is one of the most important developments, like, ever.
Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on. If I were not at Square or Twitter, I would be working on bitcoin. If (bitcoin) needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play,
Dorsey said at the Bitcoin 2021 Conference.
This isn’t Square’s first foray into the crypto world – its Cash App already lets users buy and sell Bitcoin, which has been a major money-maker for the payment company.
The app brought in $3.51 billion in Bitcoin revenue in Q1 and made the firm $75 million in Bitcoin gross profit in that period.
The company also formed a crypto council recently, joining forces with other industry leaders like Coinbase and Fidelity to lobby policymakers; and the payments firm has also partnered with Blockstream to build a 100% solar-powered Bitcoin mining farm in the U.S. Some crypto analysts said it looks like Square is determined to stay ahead of the game.
Jack Dorsey’s Square Launches New Crypto Wallet
