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CEO Confirms That Square Is Making an ‘Assisted-Self-Custody’ BTC Hardware Wallet

CEO Confirms That Square Is Making
  • Square CEO Jack Dorsey confirmed that their team will make a BTC hardware wallet.
  • This wallet will simplify the experience of managing a hardware wallet.
  • The Square team said that this wallet will have ‘assisted-self-custody’.

CEO Jack Dorsey and hardware lead Jesse Dorogusker both confirmed on Twitter that Square is building a BTC hardware wallet. Back in June, Dorsey hinted that Square is considering creating a Bitcoin hardware wallet. Just recently, Dorsey finally said that they are “doing it.”

The hardware lead Jesse Dorogusker laid out the direction they are headed to,

We’ll start with this product direction: bitcoin first, global distribution, multisig to achieve “assisted-self-custody,” and prioritizing mobile use.

Last month, Dorsey explained what they meant by the term “assisted-self-custody.” Speaking plainly, it’s a way to manage a hardware wallet more conveniently with a simpler experience overall. He said that

“Custody doesn’t have to be all-or-nothing.” Also, Dorsey noted that their team can probably simplify custody through “assisted self-custody.”

Aside from that, he mentioned are three things that need to be considered during the development. These are minimal setup time, relying on existing devices, and end-to-end reliability.

As software wallets are always at risk of hacks and other malicious risks, a BTC hardware wallet may be a welcomed solution to storing Bitcoins in the near future.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.