Square is considering creating a Bitcoin hardware wallet, according to a recent tweet from the company’s CEO, Jack Dorsey. The Twitter thread of Dorsey didn’t implicate that the plan is final, and even if the idea is finalized, the company would be doing everything in open, be it the software or the hardware.
“Square is considering making a hardware wallet for bitcoin,” Dorsey wrote. “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.”
In the thread, Dorsey proceeded to take note that the organization means to construct a non-custodial wallet. That implies clients would have unlimited authority over their wallet keys and crypto—while now, Square and most other applications hold crypto for their client’s sake.
He also noted that this custody model “doesn’t have to be all-or-nothing,” and that Square will balance a non-custodial design with a design that is easy to use and set up on mobile devices. Dorsey also indicated that the wallet may be integrated with Square’s Cash App, which has seen its bitcoin sales offering become a worthwhile income stream for the organization. This integration, though, will be optional.
He also discussed security features, fund recovery procedures, and integration with layer 2 networks for faster transactions.
“Layer 2 is essential for growth. The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?” Dorsey wrote.
At last, Dorsey left it open whether or in which setting Square may push ahead on the idea. However, he showed that the Square team would listen to the bitcoin community for input.