Jack Dorsey says Square is weighing a possible bitcoin hardware wallet


Square is considering the development of a bitcoin hardware wallet, according to Jack Dorsey, CEO of the payments firm.

Such a product launch isn't a done deal, according to Dorsey, who previewed the concept in a Friday Twitter thread.

"Square is considering making a hardware wallet for bitcoin," Dorsey wrote. "If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community."

Dorsey went on to indicate that the wallet might be integrated with Square's Cash App, which has seen its bitcoin sales offering become a lucrative revenue stream for the company. 

He also highlighted layer-two tech as a potential area for development in the context of the wallet.

"Layer 2 is essential for growth. The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?" Dorsey wrote.

Ultimately, Dorsey left it open whether or in which context Square might move forward on the project — but he indicated that the Square team would be listening to the bitcoin community for input.

"With that, @jessedorogusker , I, and team will listen and continue the conversation. And we’ll set up a dedicated Twitter and github account if we decide to build. We’ll update this thread with that information when we’re ready," Dorsey concluded.

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Aug 11, 2021, 5:18PM UTC