Square Inc. – the mobile payments entity that built the well-known Cash App – is reportedly having plans down its pipeline to design an open-source Bitcoin (BTC) wallet.
Specifically, as revealed by Head of Square, Jack Dorsey, via his Twitter on June 4th, Square is reportedly looking into a possible release of a Bitcoin-dedicated hardware wallet, with the whole design process would be “in the open”, regarding software and hardware, as well as partnerships with the community.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
Dorsey reportedly offered details of a new Bitcoin hardware wallet via numerous posts, where he emphasized how important self-custody is, along with the necessity for a seamless mobile experience for crypto users.
Per Dorsey, “assisted self-custody” can reportedly offer a simplification for the crypto wallet management of an individual.
While reiterating the importance of self-custody, Dorsey additionally claimed that an act of merging forces is necessary to reel in more and more users to Bitcoin, with “Layer 2 is essential for growth”.
“The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?”
Square is reportedly among the entities holding the biggest Bitcoin, with 8,027 BTC reported on its balance sheet.