Square Is Considering to Create a Hardware Bitcoin Wallet, Says Jack Dorsey

Twitter CEO also aims that such wallet isn't controlled by Square whatsoever in case it gets materialized.

Square Inc. (NYSE: SQ) CEO Jack Dorsey commented on Friday that its company is looking to build a new hardware Bitcoin (BTC) wallet, as such transactions have become a profitable business for the company. According to a post published on its own Twitter account, Dorsey, also the CEO of Twitter, pointed out that the intention is to create a new way for users to store their cryptos without Square’s custody.

“Square is considering making a hardware wallet for Bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles,” Dorsey said.

After the comments, Square shares surged 2.7% in reaction to Dorsey’s words. “The exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal ‘custody’ actually means ‘IOU’. Deciding to take custody and security of your Bitcoin is complicated,” he added. Overall, Dorsey aims to simplify the way that people store their Bitcoins, as he wants to create some sort of “assisted self-custody.”

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Project Is Still Pending of Approval

However, Twitter’s CEO did not provide further details on the project, as Square does not have a whole plan developed because they did not decide whether it could be feasible. Still, he clarified that such a solution does not need to be owned by the company.

Finance Magnates reported in February that the San Francisco-based payments company purchased a further 3,318 Bitcoins worth $170 million at that time. Also, the payments giant saw revenue in the final quarter of 2020 more than double to $3.16 billion. Q4’s figures were up from the $1.31 billion recorded a year earlier and surpassed market expectations for revenue of $3.10 billion, according to Square’s fourth-quarter earnings report for 2020.

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