Square Considers to Roll Out a Hardware Bitcoin Wallet

​Fazzaco learned that Square Inc., a payments company founded and run by Twitter CEO Jack Dorsey, has been weighing up the launch of new hardware Bitcoin (BTC) wallet as such transactions became a profitable business for the company.

Dorsey posted the following on the social media,

“Square is considering making a hardware wallet for Bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.” 

​“The exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal ‘custody’ actually means ‘IOU.’ Deciding to take custody, and security, of your Bitcoin is complicated,” he added. Overall, Dorsey aims to simplify the way that people store their Bitcoins, as he wants to create some sort of “assisted self-custody.”

Dorsey's intension is to create a new way for users to store their cryptos without Square’s custody. But he didn’t provide further details on the project, as Square doesn’t have a whole plan developed because they didn’t decide whether it could be feasible. Still, he clarified that such a solution doesn’t need to be owned by the company.

As Fazzaco reported earlier, FinTech company Plaid has announced partnership with Square​ to give merchants in the US a better experience regarding ACH payments. With the partnership, Square uses a tokenized check system that uses Plaid to allow customers to securely connect their bank accounts for bank payments.