Digital payments company Square has chosen to create a hardware wallet for Bitcoin, company CEO Jack Dorsey said on Thursday. The decision came a little more than a month after Dorsey said Square was thinking of making a hardware wallet, which lets users store digital assets on a computer or on a smartphone.
“We’re doing it #Bitcoin,” Dorsey wrote in a retweet of a tweet from Jesse Dorogusker, the hardware lead at Square.
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream,” Dorogusker wrote in his tweet. “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.”
We’re doing it #Bitcoin https://t.co/IwbKuBoXGv
— jack (@jack) July 8, 2021
Bitcoin wallets are utilized to store cryptocurrency and have a private key for security. Hardware wallets are among the most secure since they store Bitcoin in a physical device that can be plugged into a computer or phone.
In June, Dorsey discussed the possibility of creating the hardware wallet, during the Bitcoin 2021 conference, saying that if the company continued with the idea, he wanted to “make it completely in the open, from all of our software to all of our hardware design” and that it would be open-sourced.
When it will be released is not revealed yet.
