We’ve known for quite some time that Twitter founder Jack Dorsey is a fan of Bitcoin (BTC). He’s even betting big on the king of cryptos, to the point of having teams from his other company, Square, work on a brand new Bitcoin hardware wallet.
Square competes with Ledger and Trezor in the field of BTC storage
At the beginning of June, Jack Dorsey, the CEO of Twitter and Square, announced that he was entering the hardware wallet market, to secure the storage of bitcoins in a material way. This type of storage requires a physical action on the equivalent of a USB key, in order to validate transactions and manage the crypto-currencies that are kept preciously.
Today, the executive officially confirmed “that they are doing this,” and his product development manager at Square, Jesse Dorogusker, provides some additional information about their vision and progress on this project:
“We’ve decided to build a hardware wallet and service to make bitcoin custody more easily accessible to everyone. We will continue to ask questions and answer them in an open manner. The responsiveness of this community to our thread on this project has been impressive – encouraging, generous, collaborative and inspiring (…) Our next step will be to build a small multi-disciplinary team (…) We will incubate this complete set of technology, design, product, manufacturing and supply chain (…) to start with a solid foundation.”Jack Dorsey talks about his upcoming Bitcoin wallet
A development facilitated by their knowledge of traditional payments
As the media outlet Cointelegraph rightly mentions, Square’s teams are not starting from scratch on their way to a Bitcoin hardware wallet.
Indeed, in addition to its digital payment services – in fiat currencies and cryptos with Cash Apps – the company has also already produced electronic hardware: payment terminals, but also chip readers.
Moreover, Square itself already manages its own bitcoins, since it should be remembered that since October 2020, the company has begun to buy bitcoins to supplement (replace?) its cash in dollars.
So Jack Dorsey and Square are well on their way to completing their contribution to Bitcoin adoption, by facilitating its storage – which requires a minimum of rigor to avoid setbacks. The Twitter CEO is ready to do anything for the success of the king of cryptos, and he will even try to change Tesla CEO Elon Musk’s mind at the “B-Word” forum to be held on July 21.