Twitter creator company will develop a wallet for storing cryptocurrency

Square is building its own digital coin storage system to make Bitcoin more usablecommon.

Founder of Twitter and CEO of SquareJack Dorsey has confirmed that his company is developing a hardware cryptocurrency wallet. So he commented on a Twitter post by the head of the hardware department Jesse Dorogusker, who wrote that Square is developing a crypto wallet to make the use of bitcoin more widespread.

Square is a financial technology companydeveloping solutions for accepting and processing electronic payments. It was created by Twitter CEO and founder Jack Dorsey in 2009. In 2015, the company conducted an IPO and became public.

In early May, the payment company publishedfinancial report for the first quarter of 2021, according to which the income from investments in bitcoin was $ 3.5 billion, while the gross profit from investments in cryptocurrency was only 2% of this amount - $ 75 million.

Square last invested in bitcoin inFebruary 2021. Then the company bought $ 170 million worth of cryptocurrency at an average price of $ 51 thousand. Prior to that, it bought bitcoin in October 2020. Cryptocurrency now accounts for about 5% of Square's total reserves.

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