Latest Iphone Wifimiller9to5mac: Square has announced plans to develop a hardware wallet for bitcoin. Though Square CEO Jack Dorsey had discussed the possibility of creating one in June, the company hadn’t made any commitments until now.
The San Francisco-based company will spend an undisclosed amount on designing and building it over the next few months, according to a statement released today. Square expects that its new device will be available in 2019.
Square already has two apps for iOS and Android that support bitcoin trading, Square Cash and Square Register. This new hardware wallet will likely integrate with these existing apps to enable Square’s Cash App users to hold their bitcoin in a secure device.
Dorsey has been a big supporter of the cryptocurrency, so much so that he is one of its most high-profile investors. Dorsey has tweeted about bitcoin at least three times over the past year , and his company recently partnered with cryptocurrency payments provider BitPay.
“The cryptocurrency is the future of money,” Dorsey tweeted in December. “I am @BitPay, and I can make it happen.”
He has also said that he believes bitcoin could eventually become widely used for everyday purchases.
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey said at the Consensus conference in May.
He also said he believes that bitcoin could become something people use to buy everyday items.
“I want to go through the process of what it would take to make it more mainstream, and the steps that it would take to do that,” Dorsey added.
It’s not clear if Square will take a cut of transactions made through its new hardware wallet. The price for the product hasn’t been announced either.
The company did not immediately respond to a request for comment.
Square was one of the first mainstream companies to support bitcoin, even before it hit a high of $19,333. As bitcoin’s popularity increased, so did its transactions per day. Square saw its mobile payments volume jump by 39 percent in May compared with the previous year, despite being available on fewer platforms.
Bitcoin has been on a wild ride this year. The cryptocurrency was trading above $20,000 in May, but it lost close to half its value over the next three months.
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