Square works on a physical wallet for bitcoin
It is a future project that offers a non-custodial solution to the global market, taking into account the recommendations of its users
Jack Dorsey, CEO and founder of the financial services company Square reported that the company would be planning the development of a physical hardware wallet for Bitcoin (BTC), completely free and taking into account the recommendations and suggestions of its users.
The CEO of the company used his account on the social network Twitter to communicate a possible future project, where Square’s priority is to offer a non-custodial solution to the global market. According to Dorsey, one of the main drawbacks is the concept of custody for digital assets.
The creator of Square recognizes the service that exchange houses provide when offering their products and the security that it implies, but sometimes that custody has a high cost, that is why he considers that “custody does not have to be all or nothing. It could be simplified with a simple user configuration and minimal times, calling it assisted.
Another aspect of great importance for the CEO is the security that must be provided to clients when accessing their funds from their mobile devices. Hence the need for a custom application, which does not have to be produced by Square and can work outside of Apple or Google.
According to Dorsey, security failures can come from 3 types of events: availability failures, security failures and discretionary actions. The objective would be to find solutions to these problems and to replace the current recovery mechanisms, which are very resource intensive.
M. Rodríguez
Fuente: bitcoint.es
