Financial payments start-up Square Inc was on Friday at work on a real-world wallet for safely pocketing cryptocurrency.
Square founder and CEO Jack Dorsey, who is also the top executive at Twitter Inc, last month on Twitter asked for feedback on the notion.
“This community’s response to our thread about this project has been awesome — encouraging, generous, collaborative and inspiring,” Jesse Dorogusker, a member of Square’s hardware team, wrote on Twitter on Thursday.
“We have decided to build a hardware wallet and service to make bitcoin custody more mainstream,” he said.
Dorsey endorsed Dorogusker’s post, tweeting: “We’re doing it #bitcoin.”
Hardware wallets can be used to store digital currency offline, synchronizing with applications for transactions on the Internet as needed.
Another option for cryptocurrency owners is to use “virtual” wallets, essentially trusting third parties to keep money safe and using passwords to access funds.
Dorsey on Twitter said that bitcoin is a currency for the masses, and that it is important to have ways for people to hold it that do not involve entrusting it to outside parties.
“The exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal ‘custody’ actually means ‘IOU,’” Dorsey wrote on Twitter last month, referring to a shorthand for “I owe you.”
“Deciding to take custody, and security, of your bitcoin is complicated,” he added.
Dorsey envisioned a bitcoin wallet that makes it easy for people to use some of it for shopping, for example through smartphones, while protecting the rest of the cryptocurrency.
“We can imagine apps that work without Square and maybe also without permission from Apple and Google,” he said, referring to the makers of the world’s two most widely used smartphone operating systems.
Square would set up accounts on Twitter and software developer community Web site GitHub dedicated to the bitcoin wallet project, Dorsey said.
In related news, a 101.38 carat diamond was sold at Sotheby’s for HK$95.1 million (US$12.3 million) in cryptocurrency, becoming the most expensive piece of jewelry sold through such type of payment, the auction house said.
The pear-shaped diamond, named “The Key 10138,” was on Friday sold to an unidentified private collector, Sotheby’s said in a statement.
The gem from Diacore Co was the second-largest pear-shaped diamond ever to be sold publicly, it said.
Prior to the sale, the international auction house said it would take bitcoin or ether as payment for the diamond, which fetched less than the estimate of as much as US$15 million in the single-lot offering in Hong Kong.
The auction was livestreamed and attracted no more than a dozen bids.
Earlier last week, Sotheby’s said it was the most expensive physical object ever publicly offered for purchase with cryptocurrency.
Auction houses are increasingly accepting cryptocurrencies for payment, with Phillips last month offering a piece from street artist Banksy for ether or bitcoin.
Christie’s in March accepted payment in ether for the record US$69.3 million sale of Beeple’s Everydays: the First 5,000 Days.
Additional reporting by Bloomberg
NXP Semiconductors NV expects its first automotive-grade 5-nanometer chip built by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to become available for automakers within one-and-a-half years at the earliest, following demand for better computing performance and energy efficiency for connected vehicles, a company executive said yesterday. That would mean a significant upgrade from the 16-nanometer technology NXP adopted in its existing series of microprocessors. NXP chief technology executive Lars Reger made the remarks during a media briefing yesterday in Taipei. The latest updates came after NXP unveiled its plan to source 5-nanometer capacity from TSMC in 2021. This is Reger’s first trip to
CENTRAL BANK: The consumer price index would grow while core CPI is set to move forward at a milder rate, the governor said, adding that the GDP forecast is down The central bank yesterday kept its policy rate unchanged for the second straight quarter, saying that a rate pause would help support the economy, as consumer prices have moderated and would return to the 2 percent target next year. “The board gave unanimous support to a policy hold, although some members voiced concern over lingering inflationary pressures and called for close monitoring,” central bank Governor Yang Chin-long (楊金龍) told a media briefing after its quarterly board meeting. The consumer price index (CPI) would grow 1.83 percent next year, while core CPI after stripping out volatile items would advance a milder 1.73 percent,
SLUMP: The electronics, machinery and traditional industries posted the largest decline in the past year; overall, sectors showed gains over the previous month Taiwan’s industrial production index decreased 10.53 percent year-on-year to 91.38 last month, falling for a 15th consecutive month on an annual basis, as weak global economic growth continued to weigh on end-market demand and investment momentum, the Ministry of Economic Affairs said on Saturday. The industrial production index gauges output in Taiwan’s four main industries: manufacturing, electricity and gas supply, water supply, and mining and quarrying. Last month’s decline was the smallest contraction since March when the index dropped 16.03 percent from a year earlier. On a monthly basis, the index rose 7.28 percent, marking a second straight month of improvement,
Huawei Technologies Co (華為) largely omitted mention of its controversial Mate 60 smartphone series at a grand showcase of its new consumer products yesterday. The Shenzhen-based company would increase smartphone production in response to demand, said consumer division chief Richard Yu (余承東), without naming the handset triggering that surge. The Mate 60 Pro earned international notoriety with its advanced made-in-China processor last month, causing concern in Washington about Huawei’s progress toward developing in-house chipmaking capabilities despite US trade curbs. Huawei’s new phones have fired up the company’s sales and were among the top sellers in China in the week before Apple Inc’s