An innovative square wallet for Bitcoin – Jack Dorsey is mainly known for having developed the social network Twitter. Today, he uses it as a medium to present the different dimensions of what could become a physical Bitcoin wallet developed by Square.
A BTC wallet like Bitcoin: open source and collaborative
On June 4, Jack Dorsey announced in a series of tweets, what Square was considering develop a BTC hardware wallet. The latter will be built in open source “From the design of the software to that of the hardware, in collaboration with the community”.
The wallet could, according to Dorsey, be integrated to the application Cash de Square. Cash is today one of Square’s main sources of income thanks to its BTC offer. The application generates the biggest part of its income through bitcoin sales.
The businessman also underlined, in his tweets, the essential role of layer 2 in growth:
“The multi-order of magnitude growth we imagine requires a mix of guard, off-chain, and second-layer solutions that allow people to ‘get out of zero’. What technological investments can enable native L2 support, transparent and scalable for a hardware portfolio? “
A nuanced position regarding the custody of cryptocurrencies
The co-founder of Square also returned to the importance ofself-reliance and the need to create a seamless mobile experience for cryptophiles. According to him, Square can simplify custody of cryptocurrencies via the“Assisted self-guarding”. Dorsey rejects extreme positions conveying the idea of a guard ” all or nothing “. According to him, the effectiveness of the assistance offered depends on a number of factors: “Minimal setup time, reliance on existing devices and end-to-end reliability”.
Square now has 8,027 BTC. This figure is certainly far from 92 079 BTC held by MicroStrategy preparing for $ 400 million purchase, but Dorsey’s company is still theone of the biggest bitcoin holders in the world.
Square registered 1 million new users in January 2021. On May 14, its CFO (CFO), Amrita Ahuja, told the Financial Times that Square had “no plans for the moment to make further purchases. Of bitcoins. Jack Dorsey’s announcement regarding the possible development of a physical BTC wallet by Square, therefore reaffirms the latter’s commitment to Bitcoin. The crash did not crack the nerves of the company which continues to work for the development of Bitcoin.