Mission of Square
Square is a financial services and mobile payment company. Square has been operating in the financial sector since 2009 and has been able to establish itself as a strong company thanks to progressive minds. Currently, Square has around 5,500 employees.
Square focuses on payments for merchants and small businesses. Due to the software and hardware technology provided by the financial service provider, Square’s customers can easily accept all types of payments (credit card, smartphone, etc.).
Making Bitcoin Hardware Wallets
Through Square’s mobile cash app, not only can simple transfers be made, but bitcoin can also be bought and sold. The app serves as a software wallet where bitcoins can be stored.
However, software wallets, like Exchage wallets, are not as secure as some might imagine. Again and again it is reported that an exchange was hacked and cryptocurrencies could be stolen. The situation is similar with sofware wallets.
To prevent this risk, Square has decided to make an in-house Bitcoin hardware wallet. Already at the beginning of June, Jack Dorsey hinted at this via Twitter. As of yesterday, Thursday, July 08, 2021, the CEO and the head of the hardware department Jesse Dorogusker confirmed that the idea would be turned into reality.
Dorogusker’s tweet reads:
‘We’ve decided to build a hardware wallet and service to make bitcoin custody more mainstream. We will continue to openly ask and answer questions. The community response to our thread about this project has been great – encouraging, generous, collaborative, and inspiring.
However, more specific details about this project are not yet known. For example, it’s still up in the air when the product will be usable for customers, as well as whether the Bitcoin hardware wallet will be compatible with the Mobile Cash app.
One thing is clear, however: Square is in an open race with well-known hardware wallet providers like Ledger* or Trezor. You can find out exactly what the difference between the various types of wallets is here.