A new blog post from Jack Dorsey’s Block has detailed progress on the Bitcoin custodial wallet the company is working on.
Jack Dorsey’s Block has updated the Bitcoin community on the development of its self-custody Bitcoin wallet.
The goal, according to a blog job, is to build “a self-preserved bitcoin wallet designed to allow the next 100 million people to truly own and manage their bitcoin money.” First introduced in 2022, the product principles indicate Block’s desire to create a wallet that allows users to truly own and manage bitcoin “in a way that makes self-custody more accessible than ever.”
Partners will apparently play a major role in building the self-custody portfolio. “Through global and local partnerships with exchanges and on/off ramp partners, we provide ways for customers to access a smooth and seamless buying and selling experience,” reads the blog post. , “ultimately helping them navigate between fiat and bitcoin financial systems, wherever they are. they are in the world.
The post outlined the criteria for Block to partner with on and offramp businesses highlighting global and regional reach and depth, product experience, pricing transparency, customer onboarding, trust and transparency. .
The customer experience is also reiterated. According to an image shared in 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 in the wallet for free. service.
Beyond those details, the blog post sheds some light on retail and distribution partners and payment partnerships, stating, “In order to reach customers globally, we will partner 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 means of payment.
In terms of effectively increasing the use of bitcoin as a payment method, the post stated that “this could look like point-of-sale partnerships with vendor and merchant services, payroll partnerships, and many more. types of partnerships”.
The blog post ends with a call for comment, specifically asking for thoughts on whether there are any criteria that should be adjusted, or if there are specific companies Block should consider partnering with.