Square Dorsey CEO says company is considering hardware Bitcoin wallet

Square Dorsey CEO says company is considering hardware Bitcoin wallet

Jack Dorsey Creator, Co-Founder and Chairman of Twitter and Co-Founder and CEO of Square speaks on stage at the 2021 Bitcoin Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.

Joe Raedle | Getty Images

Square CEO Jack Dorsey said on Friday that the company was considering creating a hardware bitcoin wallet that would give consumers better control over the cryptocurrency they own.

Shares of Square were up around 2.7% on Dorsey’s comments, posted on Twitter, where he is also CEO. The stock closed up about 1% on Friday.

Bitcoin transactions have become a Booming business for Square, which allows consumers to make purchases using the Cash app and store currency digitally. The company’s Bitcoin revenue reached $ 4.75 billion last year, up from $ 516.5 million in 2019.

Dorsey offers a new way for users to store their bitcoin so that it is not controlled by Square or any other company. A Bitcoin wallet could allow users to store cryptocurrency in a secure gadget and allow them to choose to spend it later.

“Square is considering creating a hardware wallet for Bitcoin,” Dorsey said. “If we do, we’ll build it entirely in the open, from software design to hardware design, and in collaboration with the community.” ‘

He explained how Square’s product, if built, might differ from the available alternatives.

“The exchange you used to buy your bitcoin probably looks after your safety with good intentions, but circumstances may reveal that ‘custody’ actually means ‘IOU.’ Deciding to take the care and safety of your bitcoin is complicated. “

Dorsey refers to how some exchanges work today. Pay Pal, for example, allows you to buy bitcoin but it controls the “private key” and works, as Dorsey explains, more like an IOU. PayPal also does not allow customers to transfer bitcoin to wallets outside of the PayPal ecosystem.

Dorsey said Square could simplify the way people hold bitcoin by creating “assisted self-custody,” which he said would allow customers to easily spend a certain percentage of the funds available from their phones, while securing the rest of the money safely. in the wallet. Dorsey said integration with the Cash app is “obvious” but “is only part of the solution”.

Dorsey said the solution “doesn’t have to belong to Square” and that he will provide further insight “if we decide to build” the product.

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