Square Inc. (NYSE: SQ) CEO Jack Dorsey commented on Friday that its company is looking to build a new hardware Bitcoin (BTC) wallet, as such transactions became a profitable business for the company. According to a post published on its own Twitter account, Dorsey \u2013 also the CEO of Twitter \u2013 pointed out that the intention is to create a new way for users to store their cryptos without Square\u2019s custody.<\/p>\n
\u201cSquare 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,\u201d Dorsey said.<\/p>\n
After the comments, Square shares surged 2.7% in reaction to Dorsey\u2019s words. \u201cThe exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal \u2018custody\u2019 actually means \u2018IOU.\u2019 Deciding to take custody, and security, of your Bitcoin is complicated,\u201d he added. Overall, Dorsey aims to simplify the way that people store their Bitcoins, as he wants to create some sort of \u201cassisted self-custody.\u201d<\/p>\n
However, Twitter\u2019s CEO didn\u2019t provide further details on the project, as Square doesn\u2019t have a whole plan developed because they didn\u2019t decide whether it could be feasible. Still, he clarified that such a solution doesn\u2019t need to be owned by the company.<\/p>\n
Finance Magnates reported in February that the San Francisco-based payments company purchased a further 3,318 Bitcoins worth $170 million at that time. Also, the payments giant saw revenue in the final quarter of 2020 more than double to $3.16 billion. Q4\u2019s figures were up from the $1.31 billion recorded a year earlier and surpassed market expectations for revenue of $3.10 billion, according to Square\u2019s fourth-quarter earnings report for 2020.<\/p>\n