Jack Dorsey, CEO of online payment company Square, said he is considering developing a hardware Bitcoin wallet that gives customers greater control over their cryptocurrencies. Square’s stock rose 2.7% on his remarks and Twitter, where he served as co-CEO, rose 1%.
Dossi CEO tweeted on the 4th (local time), “Square is considering the development of a hardware walnut (wallet) for Bitcoin. said. He emphasized that Square’s Bitcoin Walnut will be different from other products.
He predicted that Square could “support self-custody” to simplify the way they hold bitcoin. This will help consumers easily spend a certain percentage of their accounts available over the phone, while keeping the rest of Walnut safe, he explained.
Recently, Square has seen a boom in bitcoin trading, allowing customers to buy and store bitcoins using its money transfer and payment app, the Cash App. Square’s revenue from bitcoin transactions surged from $516.5 million in 2019 to $4.75 billion in 2020.
And what the city is proposing this time is to allow users to store their bitcoins through a technology not controlled by Square or other payment providers, CNBC explained. Bitcoin Walnut will allow users to choose to store their cryptocurrencies on secure machines and spend them later, CNBC added.
