Square executives confirmed that they plan to create new tools for Bitcoin on Thursday.
“We have decided that a hardware wallet will be built and a service will be offered to facilitate bitcoin custody. Square hardware lead Jesse Dorogusker stated that they will continue to answer and ask questions openly.
“With that, @jessedorogusker and I will listen to the conversation and continue it. If we decide to build, we will set up a dedicated Twitter account and github account. When we have more information, we will update this thread. Thank you! In response, Square and Twitter CEO Jack Dorsey thanked the customer.
Dorsey, a fintech company, announced in a long Twitter thread, that he was “considering” making an open-source hardware bank. He explained how his company would develop the product, and asked for feedback from the community of cryptocurrency developers.
Dorogusker stated Thursday that these responses had’resonated’ and convinced the company initially to build a global distributed, multi-signature, mobile-friendly wallet. This confirms the security-focused product Dorsey described back in June.
Square has formed a small, cross-functional team to oversee product development. Dorogusker stated that they also plan to hire for roles in hardware, software, security and business.
Bitcoin has been a passion project of Dorsey for a long time. He recently stated at the Bitcoin 2021 conference that he would leave Square or Twitter to focus on bitcoin projects, if they needed more help than the two companies he runs.