CEO of Twitter has announced through his twitter account that Square is considering manufacturing a bitcoin hardware wallet. They have specifically mentioned that its entire code will be made open source and it would be made in collaboration with the community.
CEO of Twitter, Jack believes bitcoin is for everyone and it is important for them to create a product, that is, a cryptocurrency hardware wallet for global market.
Some say that there are plenty of options there already, including excellent offerings from Ledger and Trezor. Ledger Live, while not open source, is one of best ways of managing cryptocurrencies including bitcoin.
However, some believe, most cryptocurrency hardware wallets have closed sourced software and hardware, which defeats the main purpose of cryptocurrencies – freedom and openness.
That is why Jack, CEO of twitter believes in self custody. He says custody does not have to be all or nothing. They can simplify custody through assisted self custody. He adds that assisted self custody requires great product design and minimal setup. At the same time, it needs to be mobile friendly as most people access internet using their mobile devices.
11/Layer 2 is essential for growth. The orders-of-magnitude growth we imagine requires a mix of custodial, off-chain, and second layer solutions that allow people to ‘get off of 0.’ What tech investments can enable seamless, scalable, L2 native support for a hardware wallet?