Square To Launch Bitcoin Hardware Wallet Soon

Square’s hardware lead, Jesse Dorogusker, said on Thursday that the business is working on a bitcoin hardware wallet.

Reuters reported on Friday (July 9) that Square is working on a bitcoin hardware wallet and is assembling a team of engineers to get the process underway, citing tweets from Square Hardware Lead Jesse Dorogusker.

Twitter CEO Jack Dorsey

In June, Jack Dorsey, who is also the CEO of Twitter, stated that the firm will create one. Square has now taken the choice to move forward.

“WE HAVE DECIDED TO BUILD A HARDWARE WALLET AND SERVICE TO MAKE BITCOIN CUSTODY MORE MAINSTREAM,” DOROGUSKER STATED. “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.”

Dorsey has shown an interest in learning more about bitcoin. His Twitter bio just reads “#bitcoin,” he demonstrated a bitcoin clock to Congress, and he’s even claimed that if he weren’t working at Square and Twitter, he’d be working on bitcoin. So it’s maybe unsurprising that Square will focus more of its efforts on a bitcoin hardware wallet.

Square’s first cryptocurrency-focused product will not be this hardware wallet. Square’s Cash App already allows you to purchase and trade bitcoin.

Jesse Dorogusker, a hardware lead at “Square” made a series of tweets alongside Jack Dorsey to explain the process of making the new bitcoin wallet.

Twitter CEO, Jack Dorsey also appreciated the approach while tweeting about the upcoming ledger wallet recently.

And as soon as the news caught fire, Twitteratis just bangs their tweets on the social networking site.

About hardware wallets

While online or offline hardware wallets are available, bitcoins are not kept there; they are constantly living on a blockchain. According to Relay Radar, the hardware wallet holds a private user’s key, which unlocks a lock to an address at the blockchain where the assets live.

The hardware wallets are a non-custodial wallet, in that the user owns their private keys and, according to the article, “that in turn manages your crypto-currency and proves your money.”

Wallets transfer control over the privacy of a user to a third party and usually include web-based trades.

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