Block remains on the hunt for wallet partners nearly two years later

On Mar. 1, nearly two years after Jack Dorsey’s technology conglomerate Block (known as Square at the time) announced plans to build a self-custodial Bitcoin wallet, the company revealed that more work still needs to be done regarding its plans and that Block is actively seeking partners “to make this a reality.” As told by Block, partnerships are required to move assets between fiat and Bitcoin financial systems and provide users with the access and information they need to buy, sell, and store bitcoin securely and easily. 

The company stated it is prioritizing a quality over quantity approach to select on/off-ramp partners. Technical, product, and UI expertise aside, Block says that potential collaborators would also need to demonstrate price transparency, depth in local payment method coverage, and competency in onboarding and withdrawal processes in order to satisfy its standards.

In addition to on/off-ramp partners, Block is planning to build other types of partnerships, such as retail and distribution partners and payment partnerships, which the firm hopes will increase Bitcoin’s use cases and relevance as a payment method.

“We are already starting to put this criteria to work as we explore and build with potential partners today. Our goal is to have a few early partners integrated with us later this year as we bring our product to market and we expect those partnerships to grow in the months and years after that.”

American tech entrepreneur and billionaire Jack Dorsey has become an outspoken supporter of blockchain technology in recent years. On Dec. 1, 2021, Cointelegraph reported that Square changed its name to Block as Dorsey stated the company would shift its focus to cryptocurrencies. On Nov. 19, 2021, Dorsey released a whitepaper outlining a decentralized Bitcoin exchange. However, there has been an apparent lack of activity after the initial announcement. 

Block’s Bitcoin wallet currently in development | Source: Block

All Dutch and English crypto news!

FTX EU launches withdrawal website to pay back European users

The European arm of FTX, FTX EU has launched a website to allow European customers to submit withdrawal requests. It comes nearly five months after the...

Russia talks up prospects of BRICS countries developing new currency

A new world order could be emerging as economic powerhouses increase their efforts to distance themselves from US dollar hegemony. According to reports, a top Russian...

Australian ‘Big Four’ bank ANZ halts cash withdrawals from many branches

ANZ, one of Australia's "Big Four" banks, will cease facilitating withdrawals and deposits from a number of its Australian branches as it looks to push...

‘Biased, deceptive’: Center for AI accuses ChatGPT creator of violating trade laws

The Center for Artificial Intelligence and Digital Policy (CAIDP) has filed a complaint with the United States Federal Trade Commission (FTC) in an attempt to...

Beste exchanges

Koop je crypto bij Bitvavo