Jack Dorsey, the CEO of Twitter and Square Inc., has confirmed that the payment company is going to be building a hardware wallet for the leading digital asset, Bitcoin.
This confirmation came after Jesse Dorogusker, the head of product development at Square tweeted that the company had “decided to build a hardware wallet and service to make bitcoin custody more mainstream.” Dorsey confirmed this development in one of his tweets where he said that “We’re doing it.”
— jack (@jack) July 8, 2021
It would be recalled that the Twitter CEO, last month, had said that Square was considering building a Bitcoin wallet. Then, he had made it known that the process of building the wallet would be made public and that the firm would be listening to ideas from users on the software and hardware design.
Square’s attempt to enter the Bitcoin space would not be a divergence from its usual operations. One of its products, Cash App, already allows for the purchase and sales of the leading crypto asset. Apart from that, the company has heavily invested in the space with over $200 million.
However, the firm is going to be facing tough competition from Trevor and Ledger who are currently the top Bitcoin hardware wallets producers. A Bitcoin hardware wallet is a secure wallet that allows the offline storage of individual private keys. These hardware wallets are also known as “cold wallets.”
It is also important to note that Jack Dorsey is a big proponent of the crypto industry. He has made several partnerships and investments into the burgeoning sector and also appeared at the Bitcoin 2021 conference held in Miami.