CEO of Square Inc. Jack Dorsey has noted that the company is planning to create non-custodial hardware for Bitcoin (BTC/USD).
Dorsey, who is also the co-founder of social media giant Twitter, says if the plan is successful it will be built in partnership with the community.
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A non-custodian wallet gives the Bitcoin holder the sole control of their keys. It’s different from a custodial wallet, which gives another party the right to control users’ wallet keys.
Giving Bitcoin holders full control of their wallets
Square says it wants to give users more freedom to take charge of their accounts completely. Dorsey announced the project via a tweet on Friday but gave more details during the Bitcoin 2021 conference in Miami.
With the increased popularity of Bitcoin and other crypto assets, several companies have embarked on projects that can help to keep users’ funds safe.
In February, Square Inc. disclosed that it has made $170 million worth of Bitcoin investment. Since then, the company has added more Bitcoin to its balance sheet.
Now, it wants to go a step further by offering Bitcoin holders a more convenient way to store their Bitcoin tokens while keeping them safe.
Wallet to be integrated with Square’s Cash App
Dorsey stated that Square wants to develop a product that offers a non-custodial solution to the global market. He added that the wallet, when launched, will be integrated into Square’s Cash App.
Dorsey also said the company wants to make sure the community welcomes the project. As a result, he is seeking feedback and will be discussing the development of the wallet with experts in the crypto space.
He also noted that if the company decides to go ahead with the plan, it will set up dedicated GitHub and Twitter accounts for the project.
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