Square to Create a Bitcoin Hardware Wallet
The CEO of Square Inc, Jack Dorsey, said that the company is currently focusing on developing a hardware wallet for storing Bitcoin. Jesse Dorogusker, the Hardware Lead of the company, announced that Square is steadily moving forward with the plan of developing the hardware wallet to make the safe storage and custody of Bitcoin more mainstream. Jack Dorsey is highly dedicated to the use and development of Bitcoin and related services. During his testimony before Congress, Jack Dorsey showcased a Bitcoin clock and said that he would have been working only on Bitcoin had he not been associated with Twitter and Square. He seeks to give more control to the users concerning their cryptocurrency assets. The shares of the payment company increased by almost 2.7% after his tweets and closed at 1% by Friday.
The wallets of Bitcoin can be kept either offline or online at cryptocurrency exchange forums. With the use of the non-custodial hardware wallet of Bitcoin, the Bitcoin traders and investors shall be able to be in complete control of their private keys, which will help control the cryptocurrency funds and allow the users to establish ownership of their funds. According to Jack Dorsey’s tweets, his company is working on creating a non-custodial Bitcoin wallet for the storage and transfer of Bitcoin.
Dorsey tweeted after the hardware wallet development soon after the warning statement issued by Elizabeth Warren, the U.S. Senator, against cryptocurrency and its market risks. The former presidential candidate of the U.S. wrote a letter to Gary Gensler, the Chairman of the Securities and Exchange Commission, to expedite the efforts of regulating the cryptocurrency market by enacting new legislations.