Square, the US-based financial services and digital payments company, announced that it is planning on building a hardware wallet for Bitcoin. The announcement was made earlier today by Jesse Dorogusker, CEO of Square, via his official Twitter account.
Dorogusker’s decision supposedly comes about a month after Jack Dorsey, CEO of Twitter and Bitcoin enthusiast, announced that he, too, was interested in creating a Bitcoin hardware wallet, but failed to specify an exact timeline for his project. Dorogusker says that this led to several questions over Dorsey’s tweet popping up on Twitter, which prompted him to make the decision and figure out where to go from there.
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. https://t.co/CHf9hAmKnn
— Jesse Dorogusker (@JesseDorogusker) July 8, 2021
That isn’t to say that this is Square’s first foray in creating a Bitcoin-centric product; since 2018, the CEO’s company already operates its self-titled Square Cash App, which is accessible across all 50 states in the US. Getting back on point, Dorogusker also said that he and Square will be taking questions about the project, but made no promises and deadlines as to when the digital wallet would be ready. That said, it will be interesting to see what comes out of this.