Chairman and CEO of both Square Inc. and Twitter, Jack Dorsey, has announced that the payment giant Square was officially beginning work on a hardware wallet for the big bull Bitcoin.
While plans for the development of a hardware wallet by Square have been made public since early last month, Jack Dorsey only just confirmed that work was underway in a tweet made today.
He made the confirmation in the tweet, pointing to a previous one by the head of hardware development for Square, Jesse Dorogusker, that outlined the level of work that had already been done.
Dorogusker noted that so far, the community’s input had been very helpful in the development of a framework that will guide further development. Generally, the product will target bitcoin first, global distribution, multisig to achieve “assisted-self-custody,” and prioritizing mobile use. He also announced that the project was hiring developers to build the team.
From the onset, Dorsey has made it clear the wallet would be developed as an open-source project. From the development of the software to the hardware itself, the public has already been asking questions and making suggestions and has so far been receiving responses from the CEO himself.
Dorsey has allayed fears of censorship and centralized access to the wallet when it rolls out. Also, assurance has been given that the wallet will prioritize security, be as simplistic as possible, will be uniquely mobile compatible, as well as, integrate with its current payment platform, Cash App.
Notably, Square and its CEO are not newcomers to the crypto industry. Jack Dorsey is a long-time Bitcoin maximalist and proponent. He has expressed a firm belief in the future of Bitcoin, even expressing a willingness to drop all other assignments and face development in the Bitcoin network if the need arises. Concerning Bitcoin, Jack is quoted saying in previous times that he doesn’t “…think there is anything more important in my lifetime to work on”.
Square’s Cash App also already supports Bitcoin sales and purchases in all US states since 2018. Users of the service have been able to transact using Bitcoin since then so the development of a Bitcoin hardware wallet will further consolidate their business position.
Similarly, Dorsey is not alone in expressing faith in the cryptocurrency industry. It is becoming a common occurrence for highly influential individuals to champion the course of cryptocurrencies that interest them. And from the above, it is clear that Crypto proponents are playing a big role in influencing the adoption of currencies they support. Another case in point is Elon Musk who is highly vocal about his support for Dogecoin.