Jack Dorsey’s company Block (formerly Square) continues to develop its hardware wallet for Bitcoin (BTC). The wallet will incorporate a fingerprint sensor to validate transactions.
A fingerprint sensor integrated into the wallet
At the Bitcoin 2021 conference in Miami, Jack Dorsey announced that Block (formerly Square) was considering the creation of a hardware wallet for Bitcoin (BTC). The payments giant appears to be moving forward with the development of this new product.
In an official announcement, Block explained that its hardware wallet will incorporate a fingerprint sensor for transactions. The new wallet will also be powered by a rechargeable lithium polymer battery and a USB-C port.
We can read in the announcement:
“For transactions that require the use of the hardware wallet, we want our customers to be able to unlock their wallet securely, but with ease. We believe that PINs, passwords and seed phrases cause confusion.”
As a result, the wallet will not have a screen since users will only have to place a finger on the sensor rather than “manipulate tiny buttons or read instructions on a small screen.”
It should be noted that the hardware wallet will work in conjunction with a mobile application where users can manage their BTC and issue transactions. Jack Dorsey explained the importance of self-service and the need to create a seamless mobile experience to expand the adoption of cryptocurrencies.
Simplifying the experience
Previously, Jack Dorsey explained that “assisted self-storage” could simplify the experience of managing your own cryptocurrency wallet. He also pointed out that a layer 2 solution could be built into the wallet.
When asked about how Bitcoin can help integrate the currently unbanked estimated to be around 1.7 billion people, Jack Dorsey advocated for the removal of the current banking system.
The Block payment company launched by Jack Dorsey is valued at $60 billion.