Square CEO Jack Dorsey said on Friday that payments firm Square is considering creating an unattended hardware wallet for Bitcoin. As cryptocurrencies gain popularity, many companies are making efforts to protect these assets from online theft.
How is Bitcoin stored?
Bitcoin can be stored offline or online on cryptocurrency exchanges, where BTC can be traded for traditional currencies or other virtual currencies.
With a non-custodial wallet, you are in complete control of your private keys. You control your cryptocurrencies and you can easily prove that the funds belong to you. With a custodian wallet, another party controls your private keys. Most custodian wallets are actually web-based exchange wallets.
The aim is not to compete, but to reach more people
Dorsey made the announcement in a tweet on Friday, and then gave some details at a conference in Miami called Bitcoin 2021. Dorsey also serves as the CEO of Twitter.
“We don’t want to compete with other hardware wallets. We just want to take this to the next level and reach another 100 million people.”
As Bitcoin and other cryptocurrencies gain popularity, many companies are stating that they want to serve a growing need to protect these assets from online theft.
“If we do that, we will be building completely openly and collaboratively with the community, from software to hardware design,” Dorsey said. said.
Square’s shares rose almost 1.5 percent to $214.51 Friday afternoon.