Payments company Square is considering creating a non-custodial hardware wallet for Bitcoin, the Square CEO, Jack Dorsey, said on Friday.
Usually, cryptocurrency wallets can be stored offline or online at crypto exchanges, desks where Bitcoin can be bought and sold for fiat currencies or other virtual tokens.
A non-custodial wallet gives you sole control of your private keys, which in control of your cryptocurrency and proves the coins are yours. A custodial wallet gives a third party control of your keys. Most custodial wallets are placed at Web-based exchange platforms.
Square CEO tweeted the announcement on Friday and later gave some details at Bitcoin 2021 conference in Miami.
“We don’t want to compete with other hardware wallets out there,” said Jack Dorsey. “We just want to take it to the next level and get to 100 more million people, which have non-custodial solutions.”
Since Bitcoin and other cryptocurrencies have become more popular, many companies have served a rising need to secure these funds from the online hack.
“If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,” Dorsey added.
Shares of Square (SQ) rose almost 1.5% up to $214.51 Friday noon.
Before, the company has shown more trust in Bitcoin as it declared in February $170 million more investments in the cryptocurrency.