A recent blog post from Jack Dorsey’s Block details the progress made on the custodial Bitcoin wallet the company is working on.
Block Jack Dorsey has updated the Bitcoin community on the development of a self-hosted Bitcoin wallet.
The goal, according to the blog post, is to build “a self-sustaining bitcoin wallet designed to empower the next 100 million people to own and manage their money with bitcoin.” First introduced in 2022, the product principle shows Block’s desire to create a wallet that allows users to actually own and manage bitcoin “in a way that makes custody more accessible than ever.”
Partners will be a key part of building the custody wallet. “Through global and local partnerships with exchanges and ramp on/off partners, we provide customers with a way to access a smooth, transparent buying and selling experience,” the blog post said, “ultimately helping them navigate between fiat and bitcoin financial systems, wherever they are. they are in the world.”
The submission outlines criteria for Block to partner with on and offramp companies highlighting global and regional reach and depth, product experience, price transparency, customer onboarding and trust and transparency.
The customer experience is also repeated. Each image shared in the blog post, users will be able to choose between different partners with transparent pricing, be prompted to sign in or continue as a guest, and then seamlessly receive bitcoins into their custody wallet.
Beyond these details, the blog post elaborates on retail and distribution partners and payment partnerships., “In order to reach our customers globally, we will build partnerships with companies that already have an established distribution network and the ability to help customers pay with their wallets. by means of payment the most relevant locale.
Regarding effectively increasing the use of bitcoin as a payment method, the post says that “This may look like point-of-sale partnerships with seller and merchant services, payroll partnerships and many other types of partnerships.”
The blog post ends with a call for suggestions, specifically asking for your thoughts if there are criteria that should be adjusted, or if there are certain companies that Block should consider partnering with.