Square confirms plans

Square will create a hardware bitcoin wallet and storage service. This was announced by Jesse Dorogusker, head of hardware product development at the payment company.

With that, @jessedorogusker, I, and team will listen and continue the conversation. And we’ll set up a dedicated Twitter and github account if we decide to build. We’ll update this thread with that information when we’re ready. Thanks!

The company has begun assembling a team to develop the wallet, he said. It will be led by Square's head of device security, Max Geese. Thomas Templeton, who, like Dorogusker, is from Apple, will also work on the product.

The head of development said the company would emphasise mobile use of the wallet and the assisted-self-custody concept. Last month, Square head Jack Dorsey explained the term.

The company has begun assembling a team to develop the wallet, he said. It will be led by Square's head of device security, Max Geese. Thomas Templeton, who, like Dorogusker, is from Apple, will also work on the product.

The head of development said the company would emphasise mobile use of the wallet and the assisted-self-custody concept. Last month, Square head Jack Dorsey explained the term.

Responding to questions on Twitter, Dorsey stressed that it was an open-source wallet that could be integrated with smartphones. The head of the company also confirmed that one of the requirements for the project was ease of use.

Dorsey stressed that

Responding to questions on Twitter, Dorsey stressed that it was an open-source wallet that could be integrated with smartphones. The head of the company also confirmed that one of the requirements for the project was ease of use.

Dorsey assured users that third parties would not be able to access the assets in the wallet.

Story Lab developer Joshua Bird asked in comments why Square chose bitcoin over an asset like Stellar (XLM). He called the first cryptocurrency "an outdated technology that is destructive to the planet and all life on Earth".

Bitcoin is outdated tech that is devastating to the planet and all life on Earth. Why not simply use something like $XLM?

Bird's question went unanswered, but Dorogusker noted that the company plans to start with bitcoin.

Dorsey announced the possibility of a hardware wallet for Square in June 2021. At that time, he noted that the company would be guided by the principles of maximum openness, and said the product could be merged with the Cash App.

As a reminder, Square invested $50m in digital gold in October 2020 and in February 2021, the company acquired an additional $170m worth of cryptocurrency.

In Q1 2021, bitcoin sales through the Cash App generated $3.51 billion for Square.

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