The mobile payment service Square is targeting crypto investors as customers and is developing a hardware wallet to offer them the option of “assisted self-custody”.
• Square wants to make Bitcoin custody suitable for the masses
• Square is developing its own hardware wallet
• The approach is assisted self -storage
If you want to purchase crypto currencies, you need a so-called wallet – this is comparable to an electronic wallet. However, there are various options for safekeeping. On the one hand, it is quite easy to create a wallet on a crypto exchange, but you can also become a victim of hacker attacks or fraud. It is safer to use a hardware wallet because users can save their private keys and crypto assets themselves. However, this method is still not very user-friendly, which is why cyber currencies are mainly kept blockchain-secured in software wallets.
This is where Jack Dorsey , CEO of Twitter and the financial services and mobile payment company Square , wants to start to improve the popularity of cryptocurrencies: “Custody doesn’t have to be all or nothing. We can simplify custody for users by ‘supporting In order for this to be accepted, we need a great product design. It takes minimal installation time, the ability to use existing devices and end-to-end capability “,” Cointelegraph “quotes the well-known Bitcoin fan .
Hardware wallet from Square
We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We’ll continue to ask and answer questions in the open. This community’s response to our thread about this project has been awesome – encouraging, generous, collaborative, & inspiring. https://t.co/CHf9hAmKnn
— Jesse Dorogusker (@JesseDorogusker) July 8, 2021
Dorsey recently confirmed on Twitter that Square, which already has terminals and readers for card payments on offer, now also wants to bring out a physical device that stores bitcoins: “We’ll do it. #Bitcoin” was his retweet on the announcement from the head of hardware -Developer Jesse Dorogusker.
Dorogusker explained that they want to make the safekeeping of Bitcoin suitable for the mass market. Therefore, the hard wallet from Square, which initially focuses on the world’s most popular crypto currency Bitcoin, is primarily designed for mobile use and the multisig process, and enables “assisted self-custody”.
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With its hardware wallet, Square would like to ensure that users can manage their Bitcoin themselves while receiving technical support from the payment service provider.