Square Inc., the mobile payments company behind the popular Cash app, is strongly considering developing an open-source bitcoin wallet.B T c) Wallet, a sign of continued conviction in the future of digital currency payments.
“Square Is Considering Building a Hardware Wallet for Bitcoin,” CEO and Co-Founder jack dorsey tweeted Friday. “If we do, we’ll build it completely out in the open, from software to hardware design, and in collaboration with the community.”
Square is considering making a hardware wallet for it #bitcoin. If we do, we’ll build it completely out in the open, from software to hardware design, and in collaboration with the community. We want to start this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) 4 June 2021
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’s view, “Assisted Self-Custody” can greatly simplify the experience of managing your own crypto wallet:
“Detention doesn’t have to be all or nothing. We can probably make detention easier through “assisted self-custody.” Assisted requires great product design: minimal setup time, relying on existing equipment, and complete reliability.
While self-custody is important, Dorsey said that attracting new users to bitcoin requires a confluence of forces. “Layer 2 is essential to development,” he said, adding:
“The order of magnitude increases we envision as requiring a mix of custodial, off-chain and second layer solutions that allows people to ‘exit 0’.” What technical investments can enable seamless, scalable, L2 native support for hardware wallets?”
one of the square biggest The corporate holder of bitcoin, it has 8,027 BTC on its balance sheet. Its holdings currently stand at $297 million based on current prices. Square’s Cash is Generating App the bulk of its revenue The sale of bitcoin highlights the growing retail interest in the digital asset class.