Twitter CEO, Jack Dorsey to Build Bitcoin Hardware Wallet
Twitter CEO and Square founder is willing to show that he is a Bitcoin advocate after all, as he plans to launch an ‘assisted self-custody’ Bitcoin wallet. Jack Dorsey, founder of Twitter and Square will be creating a user-friendly hardware wallet as Bitcoin enjoys growing acceptance globally including the traditional finance sector. The hardware wallet will be specifically for storing the top crypto asset for offline use.
Jack Dorsey has been involved in the cryptocurrency space for a long time. Last month, he had hinted at building a Bitcoin wallet to encourage mainstream adoption and usage. With Bitcoin already gaining traction, he is set to release the wallet. While hinting at the project last month, he had explained the rationale behind the proposed project. Jack had asked, ‘What is going to get Bitcoin in the hands of 100 million users in a non-custodial manner?’ The Twitter CEO also asserted that Bitcoin is for everyone. Thus, it is necessary to create a decentralized product that makes the asset available to the market globally.’
Square’s Bitcoin Hardware Wallet will be ‘Assisted Self-custody,’ says Jack
Furthermore, Jack noted that the essence of the wallet being decentralized is to enable users to exercise full and unreserved control over the crypto asset, instead of custody being in the hands of a third party. However, according to reports, this wallet will be an ‘assisted self-custody’ to provide users with support whenever they need one.
He buttressed this by saying Bitcoin custody does not have to be ‘all or nothing’ and they can provide ‘assisted self-custody.’ As such, the wallet may be created with a multi-signature functionality where more than one party are signatories to the wallet.
Hardware Wallet to be Mobile and Secured
The wallet will be mobile so that users can install it on their smartphones. Jack stated that people often access the internet via their mobile devices these days. Hence, this will help them release a wallet that is easily accessible and prioritizes security as well. Many users store their crypto assets on exchanges, which is really risky as they place custody in the hand of third parties. In the event of a hack or regulations crackdown, the assets are likely to be lost.
It is also easy for hackers to gain access to users’ crypto assets once via personal information, malware and even fake mobile applications on App stores. Software wallets, which are for online use can also be subject to malware attacks.
On this project, Jack will be working with Square’s Hardware team lead, Jesse Dorogusker. Dorogusker had also announced the project via his Twitter page.
Jack Dorsey has touted Bitcoin as the future of finance on a number of occasions. The Twitter founder does not believe in Ethereum as he does with Bitcoin. Jack is also active in the NFT space as he sold his first tweet on the social platform as an NFT, earlier this year.
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