Square Mulls Building A Bitcoin Hardware Wallet To Give Users Full Custody

Whereas some public companies are trying to push the bitcoin price down through social media, others are excited to explore new opportunities. For example, hardware wallets are very useful and powerful in the crypto world. Square is in the process of examining the viability of building such a project, with Bitcoin support as the priority.

Square Is Exploring New Options

The past few months have been rather interesting for Square. As a public company providing support for cryptocurrencies, it is often in the crosshairs of media outlets. Many people still oppose the concept of Bitcoin and other crypto assets today. With the help of noteworthy companies such as Square, that situation will hopefully change for the better in the coming years. 

In the current phase, the company provides investors with exposure to crypto assets in digital form. Customers can buy certain crypto assets, including Bitcoin, and store them in the company’s digital wallet. An important first step for any company looking to venture into the crypto space, but there is no time to rest on one’s laurels either. Competition is fierce where Bitcoin is concerned, and one has to remain ahead of the pack. 

For Square, the next objective may be a Bitcoin hardware wallet. Although CEO Jack Dorsey confirms this option is currently on the table, the product is not in development yet. Ideally, consumers will gain full control over the assets they own without relying on intermediaries. As the company notes a strong revenue increase from its Bitcoin support, exploring new opportunities can always prove worthwhile.

Assuming the plan moves forward, Square will build the hardware wallet in an open-source manner. The hardware design will be open to comments and ideas as well. Square wants to collaborate with the broader Bitcoin community to make this vision come true in the future. Exploring this route would put Square ahead of other technology firms with Bitcoin exposure, such as PayPal.

Competing With Industry Giants

It is rather intriguing to see a technology firm like Square acknowledge the importance of custody over crypto assets. As the company does well by offering digital wallet services, going the hardware route would impact that business model. On the other hand, one can argue that the company wants to provide the complete package and offer customers choices. 

If the company goes ahead with the hardware wallet plan, it will face serious competition. Industry leaders, such as Ledger and Trezor, and numerous smaller companies, all compete for their market share. Square has a more prominent “name” than all of these companies, but that won’t guarantee success in the hardware wallet department. More options are always beneficial, though. 

It is equally possible this product would not necessarily carry the Square brand, nor will it be owned by the company. Again, an exciting and somewhat surprising approach, although one that highlights the potential of collaboration and open-sourcing the design. For now, it remains anyone’s guess if and when such a product will come to market. The prospect is certainly exciting.  

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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