Digital payment company Square is building an “assisted custodial” bitcoin hardware wallet, the founder and CEO Jack Dorsey and head of hardware lead Jesse Dorogusker confirmed on Twitter.
On June 4, technology entrepreneur and Bitcoin supporter, Jack Dorsey first proposed that the payment firm consider developing a non-custodial hardware Bitcoin wallet that would give users greater control over digital currencies they own. The plan is confirmed to implement today.
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream,” Jesse Dorogusker said in the tweet. Square CEO Jack Dorsey followed up: “We’re doing it.”
Despite Jesse Dorogusker said that the product is still in the drawing stage, Square will seek to bring a mobile-friendly “assisted self-custodial” wallet to a global audience.
Dorogusker outlined the launch path of the hardware wallet:
“We have a lot of questions and issues to reconcile and we’ll start with this product direction: Bitcoin first, global distribution, multisig to achieve ‘assisted-self-custody,’ and prioritizing mobile use.”
Through this bitcoin hardware wallet which can be stored online or offline at crypto exchanges, consumers could keep their cryptos in a secure gadget and enable to decide whether to spend them later whenever they wish.
With a non-custodial wallet, users can solely control their private keys and manage their crypto funds to prove that the funds are theirs.
This method is more secure than storing funds in crypto exchanges and can prevent exchanges from being lost due to hacker attacks or supervision.
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