Square, a digital payments and financial services company, is looking for professionals to develop its ‘assisted self-custody’ bitcoin (BTC) wallet. The company chaired by Jack Dorsey, who is also the CEO of Twitter, will hire experts in hardware, software, security and business to form the team that will work on the project.
The news was confirmed through a post by Jesse Dorogusker, one of Square’s developers, on Twitter. In the publication, the businessman confirmed that Square is going to develop a hardware wallet and a service for the self-custody of bitcoin to become widespread. In addition, he affirmed that they will continue to ask for the opinion of the community, which has shown so far an “encouraging, generous, collaborative and inspiring” response.
In the post, Dorogusker cited a tweet from Dorsey, his partner, on June 4, 2021, in which he assured that the company was analyzing this possibility. As reported by CriptoNoticias, it is an open software and hardware initiative that proposes a model of “assisted self-custody”, which implies that both the user and the platform will be in charge of guarding the private keys.
The Square CEO explained in a tweet the concept of “assisted self-custody.” Source: Jack Dorsey / twitter.com
In addition, it was detailed that the wallet will allow multi-sig or multi-signature transactions, which require two or more signatures to be confirmed. The priority will be cell phones, Square developers also assured in their publications.
This wallet won’t be Square’s first foray into the bitcoin world. The company already offers its users the possibility of paying and making transfers with bitcoin through its Cash App, a service that has provided great profits. Also, the company founded by Dorsey recently invested $ 5 million in a mining farm that will run on solar energy and will be located in the United States.
More details on the new Square initiative
In addition to the aforementioned, Jack Dorsey had also commented in his June publication that, if the project is confirmed, it would have an exclusive Twitter and Github account to facilitate interaction with users. As explained previously, the development team will consider what the community can contribute.
Also, regarding the technical details of the initiative, Dorsey admitted that security “is complicated” for any wallet and they will focus on increasing it for their customers. In addition, he stated in his tweet that second layer solutions are “essential for growth” and that these must be combined with other off-chain and custodial solutions for scalability.