Square, a famous digital payments firm, is building a Bitcoin hardware wallet. It was confirmed by CEO Jack Dorsey and hardware lead Jesse Dorogusker on Twitter.
The Reveal Of The Plan
Jack Dorsey, a tech entrepreneur and self-proponent of Bitcoin, teased the idea of a Square hardware wallet a month ago. But today, the cat is out of the bag, as he revealed that “we’re doing it.”
The Crypto Upsurge
Over the past twelve months, crypto has seen a massive uptick. With speculations of newer investors, the growth of the sector has been phenomenal. Moreover, the topic of crypto is increasingly getting more critical as more people talk about it. Due to such immense popularity and validity, storing crypto-assets safe is extremely important.
Harms Of Using Software Wallets
Using software-based wallets on computers or mobiles to store crypto assets face the risk of malware. As well as keeping them on an exchange is risky as well, as the user has no control over their assets. Hackers can also swipe the digital assets by deploying various tactics such as sim swaps, malware, and even baiting you to download fake apps on Google Play.
Concept of Hardware Wallets
Above all, these reasons are why hardware wallets are the most secure way to hold crypto-assets. Hardware wallets allow users to store their own personal, private keys and holdings into an external offline device. Even though this alternative is highly secure, it is incredibly complex to get a firm grasp.
Dorsey Aims To Simplify The Process
Therefore, Dorsey explained that Square is trying to provide a simplified experience to managing a hardware wallet. He used the term ‘assisted self-custody’ to back up his aim of a more direct experience. He said:
“Custody doesn’t have to be all-or-nothing. We can probably simplify custody through ‘assisted self-custody.’ Assisted requires great product design: minimal setup time, relying on existing devices, and end-to-end reliability.”