Square chief executive Jack Dorsey says that his payments company is mulling over the possibility of creating a Bitcoin hardware wallet in collaboration with the crypto community.
In a new post, the head of the digital payments company tells his 5.4 million followers that he wants to build an inclusive product that brings a non-custodial solution to the next 100 million Bitcoin users.
“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.”
According to Dorsey, the solution has to be trustless, secure, and accessible while geared toward mobile users. The tech mogul also points to layer 2 technology as an area of development for the hardware wallet.
“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?”
Dorsey adds that the Bitcoin hardware wallet may also be integrated with his payments firm.
“Cash App integration is obvious for us but only part of the solution. A smooth experience likely depends on a custom-built app, but it doesn’t need to be owned by Square. We can imagine apps that work without Square and maybe also without permission from Apple and Google.”
At the end of his tweetstorm, the tech giant says that he’s looking forward to receiving feedback from the crypto community.
“With that, Jesse Dorogusker, I, and team will listen and continue the conversation. And we’ll set up a dedicated Twitter and GitHub account if we decide to build. We’ll update this thread with that information when we’re ready. Thanks!”