Square Inc to build hardware wallet for Bitcoin

Payments company Square Inc has said that it will make a hardware wallet for Bitcoin. "We have decided to build a hardware wallet and service to make Bitcoin custody more mainstream.

Cryptocurrencies reached a record capitalization of $2 trillion in April, but U.S. oversight of the market remains patchy. Jesse Dorogusker, head of hardware at Square, said in a Twitter thread. Cryptocurrencies reached a record capitalisation of $2 trillion in April.

Square Inc will make a hardware wallet for bitcoin, the payments company confirmed in a tweet on Thursday shortly before U.S. Senator Elizabeth Warren flagged growing risks posed to consumers and financial markets by the cryptocurrency market.

Bitcoin wallets can be stored offline or online at cryptocurrency exchanges, venues where bitcoin can be bought and sold for traditional currencies or other virtual coins.

With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours. With a custodial wallet, another party controls your private keys. Most custodial wallets are web-based exchange wallets.

"We have decided to build a hardware wallet and service to make bitcoin custody more mainstream...", Jesse Dorogusker, head of hardware at Square said in a twitter thread.

Many companies have emerged to serve a growing need to protect their assets from online theft.