A new blog post from Jack Dorsey’s Block details the progress being made on the Bitcoin custodial wallet the company is working on.
Jack Dorsey’s Block has updated the Bitcoin community on the development of their self-custody Bitcoin wallet.
The goal, according to a blog mail, is to build “a self-custodial bitcoin wallet designed to empower the next 100 million people to actually own and manage their bitcoin money.” First introduced in 2022, the product principles they indicate Block’s desire to create a wallet that allows users to actually own and manage bitcoin “in a way that makes self-custody more accessible than ever.”
Partners will apparently be a big part of building the self-custody wallet. “Through global and local partnerships with exchanges and inbound/outbound partners, we provide clients with ways to access a seamless and transparent buying and selling experience,” the blog post reads, “ultimately helping them to navigate between fiat and bitcoin financial systems, wherever. they are in the world.”
The post outlined the criteria for Block to partner with companies on and off the platform, highlighting global and regional reach and depth, product experience, pricing transparency, customer onboarding, and trust and transparency.
The customer experience is also reiterated. According to an image shared on the blog post, users will apparently be able to choose between different partners with transparent pricing, be prompted to log in or continue as a guest, and then seamlessly receive their bitcoin to the self-custody wallet.
Beyond these details, the blog post clarifies retail and distribution partners and payment partnerships, saying: “To reach customers globally, we will build partnerships with companies that already have an established distribution network and the ability to help our customers pay for the wallet. with the most relevant local payment methods.”
In regards to the effective increase in the use of bitcoin as a payment method, the post stated that “This could look like POS partnerships with vendor and merchant services, payroll partnerships, and many other types of partnerships.”
The blog post concludes with a call for comments, specifically asking for input on whether there are any criteria that need to be met, or whether there are specific companies that Block should consider partnering with.
