Square, which offers the Cash person-to-person digital payments app as well as the Square credit card reader and point-of-sale system, is now eyeing bitcoin hardware wallets as its next venture.
Square's hardware lead, Jesse Dorogusker, announced the news via Twitter on 8 July 2021. He said the company has "decided to build a hardware wallet and service to make bitcoin custody more mainstream". The executive added: “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, and inspiring.â€
CEO Jack Dorsey, who is also the CEO of Twitter, teased last month on Twitter that Square was considering making one. Keep in mind the company expanded in 2018 to allow its Cash app users to buy and sell bitcoin. Also, Dorsey has an avid interest in bitcoin, with his Twitter bio only stating: “#bitcoin".
It’s therefore no surprise to see Square going all-in on a hardware wallet for the cryptocurrency.
Bitcoin’s price has soared over recent years, but many people are still baffled by what exactly it is - so Pocket-lint has an in-depth guide that explains everything you need to know. The short version is: Bitcoin is a virtual currency that has enabled people to move money around the world at speed without central oversight, enabling a dizzying array of new applications. Anyone can own and use Bitcoin, and it’s straightforward to get started.