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Jesse Dorogusker, head of hardware at mobile payments company Square, tweeted that he plans to build a Bitcoin hardware wallet. Square was founded by Twitter CEO Jack Dorsey, who also confirms Dorogusker’s comments.
Square has been active in Bitcoin adoption before, and in 2018 Square’s Cash App responded to Bitcoin transactions, and in December 2020, it launched a Bitcoin refund service.
Square is also active in investing in Bitcoin itself. If you look at Square’s first quarter 2021 performance reported in May 2021, it is said that the amount of bitcoins worth $170 million purchased in the fourth quarter of 2020 increased significantly, resulting in a significant increase in profits.
Jack Dorsey tweeted in June 2021 that Square was considering building a Bitcoin hardware wallet.
Bitcoin transactions require an address corresponding to a bank account number and a corresponding private key, usually included in software called a wallet. One that is connected to the Internet is called a hot wallet, and one that is disconnected from the Internet is called a cold wallet. As a type of cold wallet, there is a hardware wallet, a dedicated physical medium that can be used as a wallet.
In a series of tweets, Jack Dorsey revealed that when creating the Square Hardware wallet, they were working with the community to implement software and hardware designs in an open form. He also pointed out that the problem with self-managed hardware wallets is the balance between safety and simplicity of use. It is a collection of opinions arguing that there is a dilemma that hardware wallets increase safety, which is an obstacle for users to trade Bitcoin, and reduces safety if it promotes transaction ease.
In a tweet like this, more than a month later, on July 9 (local time) Dorogusker, citing a tweet from Jack Dorsey, said that Square had decided to build a hardware wallet and service to make Bitcoin storage more mainstream. It was clear that hardware wallet development was going on. The tweet also confirmed Jack Dorsey, saying that the company is working on it.
Image There are several types of Bitcoin hardware wallets (Ledger, TREZOR), and Square is a latecomer. Although it is hard, it can be said that Square, which has developed terminals and chips that can be installed on smartphones or tablets to use POS checkout counters, has know-how applicable to hardware wallets. Related information can be found here.
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