Square CEO Jack Dorsey says the merchant payment platform will build a Bitcoin hardware wallet.
In June, the head of the digital payments company unveiled that Square was exploring the idea of creating a hardware wallet for Bitcoin in collaboration with the crypto community.
“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.”
In an update to his 5.5 million followers, Dorsey confirms the statements of Jesse Dorogusker, Square’s hardware lead, who says that the company plans to make Bitcoin custody more mainstream.
Dorsey also highlights that Square plans to integrate the hardware wallet with smartphones. He adds that Square looks to run the hardware wallet using open-source software while prioritizing ease of use and intuitiveness.
Dorsey also says that the company will consider adding a feature that allows merchants who use Square’s tools to automatically invest a portion of their daily revenue in Bitcoin.
Dorogusker says Square’s hardware wallet will be a multi-signature (multisig) wallet, which requires more than one private key to complete transactions.
“We have a lot of questions and issues to reconcile and we’ll start with this product direction: Bitcoin first, global distribution, multisig to achieve ‘assisted-self-custody’ and prioritizing mobile use.”
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