Square, a San-Francisco-based financial services and digital payments company, has announced that it plans to make a hardware wallet for bitcoin. The announcement was made by Square’s hardware lead, Jesse Dorogusker, on Twitter. As per his tweet, “We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We’ll continue to ask and answer questions in the open. This community’s response to our thread about this project has been awesome – encouraging, generous, collaborative, & inspiring.”
This announcement comes after Twitter CEO Jack Dorsey announced last month that Twitter is considering making a hardware wallet for bitcoin.
Jack responded to Square’s big announcement by saying, “We are doing it #Bitcoin.”
The company has not mentioned any specific timeline as to when it will launch the wallet.
The bitcoin wallet can be stored offline or online and can be used to make cryptocurrency exchanges, venues where bitcoin can be sold or purchased for traditional currencies or other cryptocurrencies.
In custodial wallets, mostly web-based, other party controls the user’s private key. However, in non-custodial wallets, these controls are in the users’ hands, and they can control the transactions that the funds are theirs.
To recall, Square also has a Cash app that allows users to sell and purchase bitcoin.