The digital payment company Square is building a Bitcoin hardware wallet with “assisted custody,” confirmed founder and CEO Jack Dorsey and head of hardware lead Jesse Dorogusker on Twitter.
On June 4, tech entrepreneur and Bitcoin supporter Jack Dorsey first suggested that the payment company consider developing an unsecured hardware Bitcoin wallet that would give users more control over their digital currencies. The plans Approved implement today.
“We decided to develop a hardware wallet and service to make Bitcoin custody more mainstream,” Jesse Dorogusker said in the tweet. Square CEO Jack Dorsey followed: “We’ll do it.”
Although Jesse Dorogusker said the product is still in the underwriting phase, Square will seek to offer a mobile-friendly “assisted self-custody” wallet to a global audience.
Dorogusker sketched the starting path of the hardware wallet:
“We have to reconcile many questions and problems and will start with this product direction: Bitcoin first, global distribution, multisig to achieve” assisted self-custody “and prioritize mobile use.”
This bitcoin hardware wallet, which can be stored online or offline on crypto exchanges, allows consumers to keep their cryptos in a secure device and decide whether to spend them later whenever they want.
With a non-custody wallet, users can only use their private key and manage their crypto funds to prove that the funds are theirs.
This method is more secure than storing funds in crypto exchanges and can prevent exchanges from being lost due to hacking or oversight.
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