Square Inc will make a hardware wallet for Bitcoin, the payments company confirmed in a tweet on Thursday.
Square aims to make Bitcoin custody more mainstream
We reported that Square CEO Jack Dorsey tweeted that Square was considering making a hardware wallet last month. On Thursday, there was an update from Jack Dorsey. They announced that they are going to create a hardware wallet and service to make Bitcoin custody more mainstream.
Dorogusker said those responses had “resonated” and convinced the company to initially build a globally distributed, mobile-friendly, multi-signature wallet, confirming the security- and inclusivity-focused product Dorsey described in June.
It will become a serious player in the hardware wallet industry
At the moment, the most used hardware wallet is from Ledger. Other brands in the industry are Shapeshift, Trezors, and Coin kite. The hardware wallets industry, which was valued at $202.40 million in 2020, is projected to grow by 26% between 2021 and 2026. Another report out of 2019 suggests a much bigger growth and values the hardware wallet market at $3B in 2026. With the 30 million monthly active users Square has with its payment services, it seems like it can become a serious competitor in the industry.
With a Non-custodial wallet like the one Square is planning to create, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours. If you use a custodial wallet, another party controls your private keys.
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