Jack Dorsey Confirmed: Square Is Building a BTC Hard Wallet

Jack Dorsey confirmed that Square is building a BTC hard wallet as we can see more in our latest Bitcoin news today.

Square CEO Jack Dorsey confirmed that his payments company is going to build a bitcoin hardware wallet. Square’s head of product development Jesse Dorogusker tweeted that the company decided to build a hardware wallet and service to make BTC custody more mainstream and Dorsey only added that they decided to do it. Dorsey said that the firm was considering building a Bitcoin wallet in the open from software to hardware design.

Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.

— jack (@jack) June 4, 2021

Bitcoin hardware wallets or the “cold” wallets, work as a flash drive for crypto and they maintain security by allowing people to store their private keys offline. Trezor and Ledger are two of the top hardware wallet makers so Square already has major competition. The product however would not mean a departure for the company. Although it is known for its payment processing software for smaller businesses, Square produced its own terminals and chip readers for point of sale payments. Its person-to-person Venmo competitor Cashapp already started allowing BTC purchases and sales.

Dorsey and of course Square have stated a few times that they are committed to BTC. The CEO appeared at the BTC 2021 conference in Miami and the company purchased more than 8000 BTC for its balance sheet. In the Q4 2020 earning statement, it said that the company thinks that crypto is an instrument of economic empowerment that provides a way for individuals to participate in a global monetary system and to secure their own financial future. Dorsey hopes Square customers will help secure the future by using the wallet.

Square launched $5M bitcoin fund in order to boost crypto inclusion and to promote crypto education that is funded by the interest from the corporate treasury of the company. This marks a new initiative by Square to invest a total of $100 million to promote financial inclusion and to also improve the access to crypto and other technologies among minorities. The initiative includes a $25 million contribution to the Netflix-led Black Economic Development fund. As Square explained, the new endowment is funded by the interest it earns on the invested Bitcoin which the company initially added to its corporate treasury and invested with Genesis.