Square looking to build Bitcoin hardware wallet to help its mainstream move

Karthik Subramanian

Square, one of the early adopters of crypto and whose founder Jack Dorsey is a big bitcoin enthusiast, has announced its intentions to build a hardware wallet for bitcoin.


They had been hinting about this for the past month or so with their hardware lead Jesse Dorogusker starting a thread on Twitter about the idea with many, including Jack, pitching in with their thoughts. This discussion finally came down to a conclusion on July 9 with Jesse saying that the company should start building a hardware wallet pretty soon and would be assembling a team for the same quite shortly.

Jack also endorsed the idea and they say that the company believes that the wallet would help bitcoin to go mainstream. Square has always been one of the most enthusiastic proponents of crypto and they were one of the first among the big companies to integrate crypto into their platform and it always helps when your founder and owner is a big Bitcoin enthusiast.

A hardware wallet is generally a device that is well protected employing passwords and signatures and this is generally used to store large quantities of crypto. Most of the wallets that the retail crypto industry uses are software wallets that are stored on the servers and if a hack happens on the servers, the keys are lost and the hackers can take control of all such wallets. Hardware wallets give a very high level of protection as the wallet owner holds the physical device and without that device falling into the wrong hands, it is almost impossible to steal funds from it and this makes such wallets the preferred option for storing high-value cryptos.

The hardware wallet also gives a sense of ownership to the wallet user as he has something to hold on to and something that he can see, just like a normal wallet, and this increases the association between the wallet and its owner. This is likely to help the crypto wallets to go mainstream as the users begin to have something that they can relate to and this is what Square is aiming for in the long term.

The custody of such a wallet and the cryptos within it is likely to give the user the option to make use of the wallet for real-world purchases and payments as well. Just like a normal wallet, users would be able to spend for shopping and other activities using the cryptos stored in the wallet while the rest of the cryptos would continue to remain safe in the wallet. This way, hardware wallets would no longer remain the domain of high-value investors and hodlers but can be used by all people even for minor payments and transactions.


Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.


Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.