Square Inc's chief executive officer, Jack Dorsey, said on Friday that the company is considering developing a non-custodial hardware wallet for bitcoin.
Bitcoin wallets can be kept offline or online at cryptocurrency exchanges, which are places where you can buy and sell bitcoin for traditional currency or other virtual coins.
You have sole control of your private keys, which manage your cryptocurrencies and show the funds are yours when you use a non-custodial wallet. With a custodial wallet, you hand up control of your private keys to someone else. Web-based exchange wallets make up the majority of custodial wallets.
Dorsey first announced the news in a tweet on Friday, then explained at the Bitcoin 2021 conference in Miami. Dorsey also serves as the CEO of Twitter Inc.
We don't want to compete with the existing hardware wallets, Dorsey explained. "We simply want to take it to the next level and reach an additional 100 million users with non-custodial alternatives." He further added "If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community"
As bitcoin and other cryptocurrencies have grown in popularity, plenty of companies have sprung up to meet the growing demand for protection against online theft.