Block Inc. has a brand-new hardware available. Jack Dorsey, co-founder of Twitter and owner of a bitcoin wallet, is concentrating the payments company, formerly known as Square, more on security and self-governance for the digital asset industry.
With a hardware wallet called Bitkey, users can keep their cryptocurrency in their own hands on a hexagon-shaped device.
Even though comparable products have been around for a while, trading platforms still hold the majority of cryptocurrency assets.
In order to decentralize the Bitcoin network and increase accessibility to safe storage and Bitcoin mining, Dorsey revealed the San Francisco-based company’s plans to develop the new hardware wallet and a Bitcoin mining system in 2021.
By connecting the wallet to cryptocurrency exchanges and payment providers like Block’s Cash App, users can move digital assets between platforms.
Lead developer of Bitcoin hardware for Block, Thomas Templeton, stated, “We are looking for other synergies as well. We have already started working with Cash App from day one.”
In exchange for rewards in the form of coins, miners who utilize specialized computers to validate transactions on the Bitcoin blockchain are paid an energy-intensive process called mining.
The majority of these businesses were founded and are currently being operated by well-funded private investors or public corporations.
Block wants to increase retail users’ access to simple and secure storage while also making Bitcoin mining more decentralized and accessible.
“In the Bitcoin space, there are products and tools designed for super users or a niche within the industry, but there isn’t one for average people just dabbling in the space,” Templeton stated in an interview.
On Thursday, Block’s shares barely moved, closing at roughly $68. Throughout the year, the stock has gained roughly 8.5%. 2023 has seen a more than 160% increase in bitcoin.
