Jack Dorsey’s Square Starts Building ‘Mainstream Self-Custody’ Bitcoin Hardware Wallet Integrating with Smartphones
“We’re doing it,” said Twitter CEO and co-founder Jack Dorsey, adding to his last months’ Twitter thread where he talked about his payment company Square considering making a hardware wallet for bitcoin.
Now just over a month later, Jesse Dorogusker, head of hardware at Square, said late on Thursday that they are going forward with their plan to make a hardware wallet for the leading cryptocurrency. He said in a Twitter thread,
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream.”
The plan, as Dorsey agrees with, is to have a hardware wallet for Bitcoin that integrates with smartphones.
As Dorsey announced the go-ahead with their bitcoin wallet plan, he responded that the idea is to make it so easy to use that even a grandma would be able to use it while ensuring that the company won't be able to access these wallets.
He also said that they would be looking at adding the functionality for users to “dedicate a percentage of daily sales to auto invest in Bitcoin.”
While a lot of questions and issues to reconcile, the team is clear about the product direction, which Dorogusker said,
“bitcoin first, global distribution, multisig to achieve “assisted-self-custody, and prioritizing mobile use.”
Square will be moving on to the next step, which involves building a small, cross-functional team. And for this, they are hiring for key roles in hardware, software, security, and business and looking for people who want to “build mainstream self-custody” with them.