Twitter's Dorsey Teases Bitcoin Wallet by Square
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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.

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"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.

Coinbase, Fidelity and Square Form Crypto Alliance

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.

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