After it was hinted at a few weeks ago, it is confirmed that digital payments firm Square is building a Bitcoin hardware wallet.
Square’s, Chief Executive Officer Jack Dorsey and the hardware lead, Jesse Dorogusker both confirmed the news on Twitter.
We’re doing it #Bitcoin https://t.co/IwbKuBoXGv
— jack (@jack) July 8, 2021
Last month, Dorsey explained the term “assisted-self-custody” as they are calling their project. He noted that the firm is looking to provide a simplified experience for managing a hardware wallet:
“Custody doesn’t have to be all-or-nothing. We can probably simplify custody through ‘assisted self-custody.’ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”
“Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people. What are the dangers here?”, Dorsey added.
Crypto has seen a huge boost over the past 12 months and a lot of new parties entered the game. With that, safe and reliable custody of your crypto assets have become increasingly important.
Although convenient, simply storing your assets on an exchange can be risky, as you do not have full control over assets which can be lost to hacks or caught up in regulations.
Hardware wallets provide a good alternative and are one of the most secure ways to hold crypto assets. Users ca store their private keys and holdings on external offline devices, however it can be complicated for average users. Square is hoping to tackle this and make these wallets more ‘mainstream’.
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