Jack Dorsey, CEO of Twitter and owner of Square, said he is looking for ways to build trust in cryptocurrency.
Twitter CEO Jack Dorsey said Friday that his digital payments company Square, which he also directs, is considering creating a bitcoin “wallet”, a kind of USB key to store cryptocurrencies in a physical and secure medium.
These objects are used to store digital currencies offline.
Their users synchronize them with their compatible financial applications in case of internet transactions.
They can also opt for “virtual” wallets, trusting third-party companies with their money, which they can access through passwords.
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But Jack Dorsey believes that bitcoin should not be reserved for connoisseurs and is looking for ways to build trust in the cryptocurrency, generating for example a way to buy it without having to depend on third parties.
“Deciding to store bitcoins yourself is complicated,” he wrote on Twitter, before listing the problems to be solved: availability, security, ease of use of the mobile, and so on.
The entrepreneur has in mind a “wallet” whose user can use to make purchases, through his smartphone, for example, without compromising his money or the cryptocurrency system in general.
“If we do, we will do it completely open, from software to device, in collaboration with the community,” he said.
“You can imagine applications that work without Square and perhaps also without the permission of Apple and Google,” he said, referring to the two dominant mobile operating systems in the world.
Bitcoin is a decentralized asset with no direct connection to the real economy, which is based on blockchain technologies and fascinates Jack Dorsey and many Silicon Valley figures, such as Elon Musk, the CEO of Tesla.
This cryptocurrency continues to be very volatile, but the growing interest of institutions and companies considered stable contributes to its increasing use.
