Jack Dorsey Confirms Square Is Launching A Bitcoin Hardware Wallet

Square Inc SQ CEO Jack Dorsey confirmed that the payments company will build a Bitcoin BTC/USD hardware wallet in a Twitter post on Thursday.

What Happened: Dorsey, who also heads Twitter Inc TWTR, wrote “We’re doing it.” 

Jesse Dorogusker, hardware lead at Square, said the next step would be to “build a small, cross-functional team,” which will be led by Max Guise.

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Dorogusker invited developers to contact the Square team by email in case they want to build mainstream safe-custody in partnership with the company.

On Thursday, Square shares closed 3.6% lower at $235.90. BTC traded 1.6% lower at $32,833.29 over 24 hours at press time.

Why It Matters: Last month, Dorsey had tweeted that, if Square built the hardware wallet, they would “build it entirely in the open, from software to hardware design, and in collaboration with the community.”

Dorsey had stressed the importance of taking custody of Bitcoin by users. The CEO had laid stress on the importance of Bitcoin previously at the Bitcoin Miami conference held in June.

See Also: Square Invests $5 Million To Build Solar-Powered Bitcoin Mine With Blockstream: Here's What You Need To Know

“I don’t think there is anything more important in my lifetime to work on,” said Dorsey at the event.

This year, Dorsey funded two developers’ work on BTC block explorer Mempool.space with a $100,000 grant.

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Posted In: CryptocurrencyNewsMarketsBitcoinCryptocurrency WalletsHardware WalletsJack Dorsey