August 2nd
DeFi 101

Jack Dorsey's Square Set To Launch into DeFi Space: Creates New Bitcoin Hardware Wallet

Jack Dorsey's Square Set To Launch into DeFi Space

5 min read

“We’re doing it”, were the words from Square’s CEO, Jack Dorsey, confirming the decision of the digital payment company to create a new Bitcoin hardware wallet. Talk about mainstream adoption of crypto. The new wallet will allow users of the platform to store their own Bitcoin outside the control of Square.

A hardware wallet is a portable physical device that allows you to store your cryptocurrencies offline. The private keys are stored in a microcontroller in the hardware that cannot be transferred out of the device. It provides more security and gives you more control over your crypto assets.

Earlier in June, Jack, who also doubles as Twitter’s CEO, had tweeted that Square was considering a new hardware wallet. “If we do it, we would build it entirely in the open…”, Jack said.

This decision may not be unconnected to how Bitcoin had been a major source of revenue to Square raking in over $3 billion for the company. Square’s interest in the crypto space is no news, as the platform made Bitcoin accessible to users via its Cash App and has facilitated payments across the platform.

Jesse Dorogusker, the hardware team lead, tweeted in early July confirming the decision, “We have decided to build a hardware wallet and service to make Bitcoin custody more mainstream.”

While this takes time for full implementation, this is definitely some awesome move by Jack and his team. Given Jack’s support for crypto, and Square’s mainstream status, this decision will certainly draw more attention to Bitcoin and the crypto space in general.

There’s even more juice. Following the hardware wallet decision, Jack has also announced the creation of a new Square division, TBD, focused on providing DeFi services. He says the goal is to facilitate “non-custodial, permissionless, and decentralized financial services.”

Jack appears to be making bold moves in the crypto and DeFi space. Moves that certainly will have a positive impact on the crypto industry. This makes it clear, crypto ain’t going nowhere. Rather it’s here to stay and build a strong foothold for the future.

When giants like Jack Dorsey lend their voice and resources towards crypto, you can expect a positive ripple effect, attracting more mainstream attention. He had earlier remarked that if he weren’t working at Twitter or Square, he’d be working on Bitcoin.

There are a number of renowned hardware wallet builders already in the crypto industry, however, there is no doubt, Square’s venture into the industry will generate a lot more buzz due to its name recognition on a global scale and a wider audience.

Also, the DeFi industry is currently experiencing a gradual boom and a path of steady growth. Creating the new Square division further lends credence to the industry and contributes to the overall growth of DeFi.

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