Square Develops a Bitcoin hardware wallet | BitcoinMag


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Square CEO Jack Dorsey has revealed that the company plans to develop its own Bitcoin hardware wallet.

Square CEO Jack Dorsey revealed that the payment company is working on developing its own Bitcoin hardware wallet. A few weeks ago, he asked the crypto community on Twitter for their opinion on the features a Bitcoin hardware should have.

Announcing the news via a tweet, the Twitter chief said that Square wanted to develop a Bitcoin hardware wallet and service to bring Bitcoin custody into the mainstream.

Jesse Dorogusker, hardware lead at Square, said: “We decided to develop a hardware wallet and service to bring Bitcoin custody into the mainstream.“The hardware wallet is expected to offer multi-sig (multi – signature) transactions. With this feature, two or more private keys are required to handle transactions.

According to Dorogusker, the multi-sig options allow users to “assisted self-government“. An indication that Square wants to play a certain role in the custody of Bitcoin. The Square manager further said that the wallet should be used primarily mobile, as one intends to integrate it into smartphones.

The company wants to make the Bitcoin hardware wallet available to users worldwide. Square is now assembling a team for hardware, software and security, as well as business functions. According to Dorogusker, Max Guise, head of hardware security at Square, is responsible for the team.

Jack Dorsey has always been a Bitcoin maximalist and repeatedly emphasizes that he does not intend to buy or hold another cryptocurrency. Last week, Twitter used the Ethereum blockchain for the launch and issuance of NFTs. However, Dorsey insisted that he would not buy any coin other than Bitcoin when asked if he wanted to hold Ether.

After selling his first tweet as NFT, Dorsey received the payment in ETH, but immediately converted it to BTC and donated the proceeds to charity.