{"id":127651,"date":"2021-06-04T17:45:29","date_gmt":"2021-06-04T17:45:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127651"},"modified":"2021-06-04T17:45:29","modified_gmt":"2021-06-04T17:45:29","slug":"jack-dorsey-outlines-squares-tentative-plans-for-bitcoin-hardware-wallet","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/jack-dorsey-outlines-squares-tentative-plans-for-bitcoin-hardware-wallet\/","title":{"rendered":"Jack Dorsey outlines Square\u2019s tentative plans for Bitcoin hardware wallet"},"content":{"rendered":"
Square Inc., the mobile payments company behind the popular Cash App, is strongly considering developing an open-source Bitcoin (BTC) wallet, signaling continued conviction in the future of digital currency payments.\u00a0<\/p>\n
\u201cSquare is considering making a hardware wallet for Bitcoin,\u201d CEO and co-founder Jack Dorsey tweeted Friday. \u201cIf we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.\u201d <\/p>\n
Dorsey outlined his rationale for a new Bitcoin hardware wallet in a series of posts, where he reiterated the importance of self-custody and the need to create a seamless mobile experience for crypto users. In Dorsey\u2019s view, \u201cassisted self-custody\u201d can greatly simplify the experience of managing one\u2019s own crypto wallet:<\/p>\n
\u201cCustody doesn\u2019t have to be all-or-nothing. We can probably simplify custody through \u201cassisted self-custody.\u201d Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.\u201d<\/p><\/blockquote>\n
While self-custody is important, Dorsey said a confluence of forces are needed to attract new users to Bitcoin. \u201cLayer 2 is essential for growth,\u201d he said, adding:<\/p>\n
\u201cThe orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to \u2018get off of 0.\u2019 What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?\u201d<\/p><\/blockquote>\n
Square is one of the largest corporate holders of BItcoin, with 8,027 BTC on its balance sheet. Its holdings are currently worth $297 million based on current prices. Square\u2019s Cash App is generating the bulk of its revenue from Bitcoin sales, highlighting growing retail interest in the digital asset class. <\/p>\n