It looks like financial services giant Block is closer to going public with its first bitcoin hardware wallet product.
Mocked yesterday by a beta testerThe images offer a first look at Block’s new bitcoin hardware wallet, first announced in 2022, and reveal a small hexagonal-shaped device complete with a fingerprint sensor, adding an extra layer of biometric security to the device.
The filing comes on the heels of several hints and teasers from Block, the financial services company co-founded by Twitter CEO Jack Dorsey.
Block’s entry into the hardware wallet market comes at a time when bitcoin security and self-custody are of utmost importance, as evidenced by the ongoing trial of disgraced former FTX CEO Sam Bankman. Fried.
Bankman-Fried’s mismanagement of the exchange contributed to the loss of billions of customers’ cryptocurrency, funds that would otherwise have been unaffected had users been in control of the private keys to these assets.
In previous reports, Dorsey hinted at the company’s vision for the hardware wallet, emphasizing the importance of allowing customers to maintain full control over their bitcoin holdings. The device is expected to align with this philosophy, allowing users to securely manage their bitcoin assets independently.
To that end, Block’s hardware wallet is expected to be competitively priced, ensuring that more people can participate in the crypto ecosystem without having to spend a lot of money. Today’s hardware wallets typically sell for between $50 and $100, although prices vary by brand and model.
While the initial image of the hardware wallet offers a tantalizing glimpse of what’s to come, the bitcoin community is eagerly awaiting more details, including its release date, pricing, and additional features.
Block’s foray into the hardware wallet space is poised to have a significant impact, further solidifying the company’s position as a key player.
