Square is building a hardware wallet for Bitcoin

Technology

Square, the American financial services company led by Jack Dorsey, is going to build a hardware wallet for Bitcoin. Based on the language used and the message communicated, however, it sounds as if the project is in its very early stages meaning it could be a while before a final consumer product materializes.

The idea was floated by Dorsey on Twitter back in early June and confirmed on the same platform this week. Specifically, Twitter’s hardware boss, Jesse Dorogusker, said in a recent tweet that they have indeed decided to build a hardware wallet and service “to make Bitcoin custody more mainstream.”

Through a series of additional tweets, Dorogusker said they still have a lot of questions and issues to work through, adding that they’ll start with the product direction: Bitcoin first, global distribution, multisig to achieve “assisted-self-custody” and prioritizing mobile use.

The next step in the process, Dorogusker added, is to assemble a small, cross-functional team that will be led by Max Guise.

Square, and specifically Jack Dorsey, have been interested in Bitcoin for a while now. Last October, Square invested $50 million to purchase 4,709 Bitcoins. At today’s value, that investment is now worth north of $157 million. And just before that, the company created a crypto consortium to help keep fend off patent trolls.