Square Inc will make a hardware wallet for bitcoin, the payments company confirmed in a tweet yesterday, shortly before US 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.
Last month, Square’s high profile CEO Jack Dorsey hinted in a tweet that the company was considering creating a non-custodial hardware wallet for bitcoin. Dorsey is also the chief executive of struggling social media player Twitter Inc.
Cryptocurrencies reached a record capitalization of $2 trillion in April, but US oversight of the market remains patchy.
Senator Warren, a former US presidential candidate, has raised concerns in a letter to SEC Chair Gary Gensler, in an effort that could help lay the groundwork for legislation to regulate the fast-growing cryptocurrency market.
The team at Platform Executive hope you have enjoyed the ‘Dorsey’s Square plans to make hardware wallet for bitcoin‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Sabahatjahan Contractor in Bengaluru. Editing by Sherry Jacob-Phillips.
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