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Square to Build Bitcoin Hardware Wallet
“We’re doing it,” tweeted Jack Dorsey, the fintech’s CEO.
By Danny Nelson
Updated Sep 14, 2021, 1:23 p.m. Published Jul 8, 2021, 11:10 p.m. 1 min read
Square is moving forward with plans to build a bitcoin hardware wallet, executives at the payments company said Thursday.
The company has begun assembling a team to handle the project, said hardware lead Jesse Dorogusker in a tweet, emphasizing the product is very much in the drawing-board stage. Nevertheless, he said Square will seek to bring a mobile-friendly, “assisted-self-custody” wallet to a global audience.
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream,” he said in the tweet. Square CEO Jack Dorsey followed up: “We’re doing it.”
We’re doing it #Bitcoin https://t.co/IwbKuBoXGv
— jack⚡️ (@jack) July 8, 2021
Square’s status as a mainstream fintech would likely inject new attention into bitcoin custody. It has much wider name recognition than even the best-known hardware builders in the crypto industry. Square has carved out a niche in making bitcoin accessible through its Cash App. And Dorsey is himself aligned with the cryptocurrency on philosophical grounds.
Read more: Jack Dorsey Says Square Is Considering Developing a Bitcoin Hardware Wallet
Dorogusker did not immediately respond to CoinDesk queries.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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