Jack Dorsey Confirms Square Is Building ‘Assisted Guard’ BTC Hardware Wallet – .

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Jack Dorsey Confirms Square Is Building ‘Assisted Guard’ BTC Hardware Wallet – .


Digital payment firm Square is building a Bitcoin hardware wallet, with CEO Jack Dorsey and hardware manager Jesse Dorogusker both confirming the plan on Twitter.
The tech entrepreneur and Bitcoin promoter first pitched the idea for a Square hardware wallet and custodial service last month, but today revealed that “we’re doing it.”

Dorogusker said on Twitter that Square wanted to make Bitcoin custody more common and outlined the way forward for the hardware wallet deployment:

“We have a lot of questions and problems to solve and we’ll start with this product direction: Bitcoin first, global distribution, multisig to achieve ‘assisted self-custody’ and prioritize mobile use. “

Dorsey explained the term “assisted self-care” last month, noting that the company was looking to provide a streamlined experience for managing a hardware wallet.

“Custody doesn’t have to be all or nothing. We can probably simplify custody through “assisted self-care”. Assisted requires excellent product design: minimal installation time, leveraging existing devices, and end-to-end reliability, ”he said.

As crypto has seen a massive increase in speculation from new investors amid industry growth over the past 12 months, the topic of crypto custody is becoming increasingly important.

Hardware wallets are one of the most secure ways to keep crypto assets, as they allow users to store their private keys and holdings on external devices offline. But average users complain that they are difficult to learn how to use.

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Storing funds on an exchange can be risky as the user does not have full control over their assets which can be lost due to hacks or caught in regulations.

It is also extremely easy for hackers to sweep away users’ digital assets by deploying tactics aimed at acquiring personal information, such as sim trades, malware, and even bogus apps on Google Play.

Computer or mobile software wallets also face the risk of malware.



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