Square Inc, the mobile payment company behind the popular Cash app, is heavily considering developing an open source wallet for Bitcoin (BTC), This points to an ongoing belief in the future of digital currency payments.
“Square is considering creating a hardware wallet for Bitcoin”, tweeted on Friday the CEO and co-founder, Jack Dorsey. “If we did that, we’d build it completely open, from software to hardware design and in collaboration with the community.”
Square is considering a hardware wallet for #bitcoin. If we did this, we would be developing it completely openly, from software to hardware design and in collaboration with the community. We want to get this thinking right: by sharing some of our guiding principles.
– latch (@ latch) June 4, 2021
Square is considering developing a hardware wallet for Bitcoin. If we did that, we’d be building it completely openly, from software to hardware design and in collaboration with the community. We want to start thinking right – by sharing some of our guiding principles.
Dorsey outlined his rationale for a new Bitcoin hardware wallet in a series of posts, reiterating the importance of self-custody and the need to create a seamless mobile experience for cryptocurrency users. According to Dorsey, “assisted self-custody” can greatly simplify the experience of managing your own cryptocurrency wallet:
“Custody doesn’t have to be all or nothing. We can probably simplify custody with” assisted self-custody. “” Assisted requires great product design: minimal set-up time, based on existing equipment and consistent reliability. “
While self-custody is important, Dorsey said it will take a meeting of forces to attract new users to Bitcoin. “Layer 2 is essential for growth”, he said and added:
“The orders of magnitude growth that we envision requires a mix of custodial, off-chain and second-layer solutions that allow people to get out of the blue. What technology investments can enable seamless, scalable, native support? Hardware wallet? “
Square is one of the largest corporate-level Bitcoin holders with 8,027 BTC on its balance sheet. Your stocks are currently worth $ 297 million according to current prices. Square Cash app generates the most of your income Bitcoin sales, underscoring the growing interest from retailers in this digital asset class.