Square Inc, a financial company in the United States of America has revealed that there are plans to develop a Bitcoin hardware wallet.
The financial service and digital payment company took to its Twitter account to make the announcement to have the hardware wallet for crypto, a declaration that elicited nostalgia among users of digital currencies.
Square Inc hardware lead, Mr. Jesse Dorogusker, while unveiling the plan said the move is to uphold the company’s strategy of having a mainstream and more accessible Bitcoin.
It would be recalled that US Senator, Elizabeth Warren had days ago raised concerns over the protection and security of investors in wake of the rising market for digital currencies. She followed it up by demanding that the Security and Exchange Commission (SEC) have a framework for crypto regulations by the end of July.
The US Senator while tasking SEC on helping congress determine the severity of the regulation situation, expressed fears about the digital market as she said it is highly opaque and volatile.
Founder of Square Inc, Jack Dorsey had on Twitter teased his audience with announcement of the creation of a decentralized non-custodian wallet, a kind of wallet that gives the users the full control of the file funds with confidential keys wherein they will write down a mnemonic phrase. The wallet allows the user own its private keys.
What do we think is the correlation between Dorsey’s announcement and the situation?
It is known that Jack Dorsey, the Twitter CEO is one of Bitcoin biggest backers, even having his Twitter bio reading: ‘nothing but #Bitcoin.
It is of note that Dorsey had on June 4 announced in a tweet that Square Inc is mooting the plan to have a hardware wallet for #Bitcoin, adding that: “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right war: by sharing some of our guiding principles.”
Non-custodian wallets can be preserved offline and online at the crypto currency exchange, a place where Bitcoin can be purchased and sold for traditional paper currencies.
But with the intention of Square Inc to build a hardware wallet for crypto currencies, we can say Bitcoin custody is about to get easier!
Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals. He is the Co-Founder of media brand, The Vent Republic.
