Square Set to Develop a Hardware Wallet for Bitcoin

Square Inc, the popular digital payments company is all set to develop and launch a digital wallet for bitcoin. The announcement comes just moments before U.S. senator Elizabeth Warren raised concerns about the risks posed to financial and consumer markets by the cryptocurrency market.  

SEE ALSO: PayPal Announces Launch of Omnichannel Solution PayPal Zettle in the U.S.

Bitcoin in 2021

Until now, 2021 has been a good year for Bitcoin as it touched an all-time high of around $65,000 in April. Although there are looming concerns about the regulatory framework, prevalence of fraud, and the volatility of the crypto market, technological developments around cryptocurrency have not stopped. 

Today, Bitcoin wallets can be stored online or offline at cryptocurrency exchanges and other venues where bitcoin can be purchased or sold for conventional currencies or other cryptocurrencies. 

Non-custodial wallets within the crypto market are becoming increasingly popular as customers have complete control of private keys. These private keys not only control cryptocurrencies but are also proof of the ownership of funds. 

On the flip side, when it comes to custodial wallets, the other party has control over private keys. A majority of custodial wallets are web-based exchange wallets. 

Jesse Dorogusker, Head of Hardware, Square, said that the company will build a hardware wallet and service to ensure bitcoin custody is mainstream. 

Over the past few months, a lot of companies are catering to the increasing demand for security from online fraud and theft. Square is one such company that provides security and services that safeguard a consumer’s digital assets from online fraud. 

Cryptocurrency – scenario in the U.S.

Although cryptocurrency’s capitalization touched the $2 trillion mark in April, the U.S. has not taken a firm stand on the market yet. 

Warren, who is also a former U.S. presidential candidate, wrote to the Security and Exchange Commission Chair Gary Gensler raising concerns about the crypto market. This action could potentially assist authorities to lay the foundation for the legislation to regulate the rapidly expanding cryptocurrency market. 

As of now, the Financial Crimes Enforcement Network (FinCEN) has not recognized cryptocurrencies to be legal tender. Many believe that the U.S. is actually behind the curve on crypto regulations. 

SEE ALSO: Space-X Will Accept Dogecoin as Payment for DOGE-1 Lunar Mission

Image Source: Image by Simon from Pixabay 

Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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