US-based financial services and digital payment company, Square, has announced that it might soon develop a bitcoin hardware wallet.
In a Twitter thread today, Square’s CEO and Twitter’s founder, Jack Dorsey said that the company is seriously considering building a hardware wallet for bitcoin with support from 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. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
He acknowledged that bitcoin has come to this point because of the collective efforts of the entire crypto industry. As such, it will also be vital to create “an inclusive product that brings a non-custodial solution to the global market.”
One of the major challenges faced by bitcoin holders is the security of their cryptocurrency. While crypto exchanges try their best to ensure the safety of clients’ assets, it is often not enough.
Therefore, to ensure a high level of security as well as inclusion, Square considers creating a solution that will require minimal setup time, rely on existing devices, and have end-to-end reliability.
This will entail creating a product design that will make customers’ funds readily available for use yet highly secured.
“Make it easy for customers to keep the funds they want quick access to at their fingertips, spendable with phone-only permissions while keeping the remainder under tighter, less available but more secure controls.”
He noted that several other security requirements for the product design will also be considered while final decisions on whether to go ahead with the project or not are made.
Jack Dorsey has always been a strong bitcoin proponent and has engaged in several endeavors to ensure the continuous development of the bitcoin ecosystem.
Earlier in February, Dorsey teamed up with a group of American rappers, including Jay-Z and Lil Wayne, to support bitcoin development with $23.7 million worth of bitcoin.
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Author: Obike Favour