Square, the digital payments company founded by Twitter CEO Jack Dorsey, is creating a hardware wallet for Bitcoin.
The announcement was made on Twitter. Jesse Dorogusker, head of hardware at Square, said:
“We decided to create a hardware wallet and service to make bitcoin surveillance more common. There are so many questions and problems that we need to come to terms with. We will prioritize multisig and mobile to achieve bitcoin, global distribution, ‘assisted self-surveillance’ first.”
Dorsey posted a quoted tweet with the hashtag “#Bitcoin”.
What is a Bitcoin hardware wallet?
Bitcoin hardware wallets are used to store cryptocurrency with a private key for added security and are the safest way to hold digital currency as they must be physically connected to a computer or phone for access.
In a thread in June, Dorsey explained some of the wallet’s features:
“It will focus on smartphone users because most people access the internet on mobile and require fast fingertip access to make it easier for customers to hold the funds they want.”
The relationship between Dorsey and BTC is strong
Dorsey spent thousands of dollars a week on Bitcoin in 2019 due to his belief that it could disrupt payment systems and the wider financial industry, and at one point was a longtime advocate of the cryptocurrency.
Additionally, Dorsey set up a Bitcoin node to support the cryptocurrency’s underlying network in February 2021. “I think there will be a huge acceleration in the next 10 years,” he said, adding that he is looking for ways to get better. He then asked everyone to support the Bitcoin community.