Twitter CEO Jack Dorsey's Square, Inc., an American financial services and digital payments company, in a recent tweet, has confirmed that it will make a hardware wallet exclusively for Bitcoin. This tweet was made shortly before U.S. Senator Elizabeth Warren flagged growing risks posed to the financial markets and its consumers by the ever-volatile cryptocurrency market.
Square has said that Bitcoin wallets can be stored offline or online at any cryptocurrency exchanges, venues where they can be bought and sold for traditional currencies or other virtual coins without any risk. With a non-custodial wallet, the users have sole control of their private keys, which control their access to a cryptocurrency wallet and prove the funds are theirs. Besides, the custodial wallet is a web-based exchange wallet.
This move by Square to build a robust hardware wallet and service will make Bitcoin custody more mainstream. Most importantly, it will serve a growing need to protect their users' digital assets from online theft. This effort will surely help lay the groundwork for legislation to regulate the advanced and fast-growing cryptocurrency market securely.