Square, an American fintech company founded by Twitter's Co-Founder, Jack Dorsey, might develop its own bitcoin (EXANTE: Bitcoin) wallet, Dorsey wrote on Twitter. The wallet — if the company decides to create one — will be open-sourced for both software and hardware design.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
"It is important to us to build an inclusive product that brings a non-custodial solution to the global market," he added.
Dorsey also believes that layer 2 is essential for bitcoin's growth. The orders-of-magnitude growth requires a mix of custodial, off-chain, and second layer solutions, the Square CEO noted. Square might also integrate Cash App but only part of the solution.
Square's plans for a bitcoin wallet come after the company's Chief Financial Officer, Amrita Ahuja, said that the San Francisco-based company has no plans to purchase more bitcoins. The company decide to temporarily stop investing in cryptocurrencies after it lost $20 million on its $220 million investment in the cryptocurrency last quarter.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.