Twitter founder Jack Dorsey has announced that his other company, Square, was looking into a Bitcoin hardware wallet. In a series of tweets, Jack Dorsey stated that they want to make a wallet that serves everyone and is easy to use.
One of the key takeaways from the tweets is that the wallet will be open for all. This means the community will have a say in how both the hardware and software of the wallet will be built. Per his tweets, the idea is give the global bitcoin community access to a non-custodial solution that hundreds of millions of people can easily use.
Dorsey also noted that by building this wallet, they are trying to solve one of the biggest problems that crypto users face, leaving their Bitcoin on exchanges.
He particularly noted that while exchanges may be well-meaning, the relationship between them and their clients may easily turn into an IOU kind scenario. This is a loophole that can easily lead to the loss of client coins.
Dorsey also focused on the importance of ease of use. He noted that there is a need for a wallet that allows for assisted custody of cryptos. This simply means that anyone who holds Bitcoin should use a wallet that doesn’t take long to set up and can easily be integrated with existing devices.
Still, on ease of use, Dorsey believes the wallet should be accessible via mobile. In his tweets, he noted that most people access the internet via mobile, making it the best option for a convenient, safe, and easy-to-use wallet.