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Chronicles

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Square announces it will build a hardware wallet for bitcoin, after Jack Dorsey had discussed the possibility of creating one in June

CEO Jack Dorsey said the company was considering one in June  —  Square is going to make a hardware wallet for bitcoin, the company's hardware lead, Jesse Dorogusker, announced on Thursday.

The Verge Jay Peters

Context & Ripple Effects

Square is moving from Dorsey's June exploration of a bitcoin wallet to a stated build commitment. It follows the company's earlier open-source Bitcoin contribution initiative, making the wallet a concrete hardware extension of an existing Bitcoin-focused effort.

The relevant arc is not a one-off payments feature: Square's related coverage also includes a Bitcoin-centric decentralized exchange project, tying custody hardware to a wider set of Bitcoin infrastructure ambitions.

First-order effects

  • Square and hardware lead Jesse Dorogusker now have a declared bitcoin hardware-wallet project rather than a proposal under consideration.
  • The move gives Square a direct role in the wallet layer, alongside its prior open-source work for the bitcoin/crypto ecosystem.

Second-order effects

  • Square's later Bitcoin-centric decentralized exchange effort broadens the company's Bitcoin work beyond a single device, making wallet control a more relevant part of its product architecture.
  • Other Bitcoin-service providers face a Square strategy that spans open-source contributions, wallet hardware, and exchange infrastructure rather than a narrowly payments-led presence.

Third-order effects

  • If Square continues pairing user-facing hardware with open infrastructure projects, Bitcoin services may increasingly be organized around integrated stacks that cover custody, access, and network participation.
  • The subsequent exploration of open-source mining hardware using custom silicon points toward a broader contest to own more layers of Bitcoin infrastructure, not only customer transactions.

The trend: Square is expanding its Bitcoin strategy from software contributions toward an interconnected stack of custody, exchange, and infrastructure products.

Related: Wallet as permission layer · Square · Jack Dorsey · Square considers a bitcoin hardware wallet · Square's TBD builds a Bitcoin-centric decentralized exchange · Square considers open-source Bitcoin mining hardware

Related Coverage

Discussion

  • @jack @jack on x
    We're doing it #Bitcoin https://twitter.com/...
  • @jessedorogusker Jesse Dorogusker on x
    We have decided to build a hardware wallet and service to make bitcoin custody more mainstream. We'll continue to ask and answer questions in the open. This community's response to our thread about this project has been awesome - encouraging, generous, collaborative, & inspiring.…
  • @ourielohayon Ouriel Ohayon on x
    The world needs less hardware and more great software. Wrong path. https://twitter.com/...
  • @cperruna Chris Perruna on x
    $SQ moving forward with a #Bitcoin hardware wallet. Long both. https://twitter.com/...
  • @ivanontech Ivan on on x
    Jack Dorsey creating Bitcoin hardware wallet!! https://twitter.com/...
  • @blowdart Barry Dorrans on x
    Oh this will be fun to watch https://twitter.com/...
  • @jack @jack on x
    Square is considering making a hardware wallet for #bitcoin. 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 way: by sharing some of our guiding principles.
  • @blockworks_ Blockworks on x
    Details of the wallet: https://twitter.com/...
  • @derekmross Derek Ross on x
    Square will build a #Bitcoin hardware wallet and service to make Bitcoin custody more mainstream and easier to use. It will be entirely open from hardware design to software and mobile first. https://twitter.com/...