Square Considers Building Physical Bitcoin Wallet, Says Twitter CEO

fintech Square is considering making a hardware portfolio for bitcoin, said CEO Jack Dorsey in an tweet on Friday.

As bitcoin and other cryptocurrencies gained in popularity, many companies have sprung up to address a growing need to protect these assets from online theft.

While many use their own cryptocurrency brokers to store their assets, this may not be the best option considering the numerous cases of hacks or exchange disappearances.

“The exchange you used to buy your bitcoin probably serves your security with good intentions, but circumstances may reveal that ‘custody’ actually means ‘IOU’ (ie a promise),” said Bitcoin enthusiast Dorsey and also CEO of Twitter.

Offline wallets emerge as one of the best ways to securely store cryptocurrency, as private keys never see the light of the internet and therefore are out of reach for hackers.

“If we make (the hardware wallet), we will build it entirely outdoors, from software design to hardware and in collaboration with the community,” he said.

The company has increased its bets on bitcoin even more since it announced in February that it had converted $170 million of its balance sheets to the cryptoactive.

Read also: Bitcoin-based credit market has strong growth in 2021

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