Decrypting Crypto Trends: Why is Square moving into the Bitcoin custody space?
Square, one of the world’s most valuable fintech businesses, with a market capitalization of $107 billion, wants to create a Bitcoin hardware wallet to bring Bitcoin custody to the masses.
Many people were not surprised by Square’s decision to enter the digital asset custody and service business. In June, at the Bitcoin 2021 Conference in Miami, Jack was at his eloquent best, revealing that Square was playing with the notion of a hardware wallet.
The global digital asset management (DAM) market is expected to expand at a compound annual growth rate (CAGR) of 12 per cent, from $3.4 billion in 2020 to $6.0 billion in 2025. Institutional institutions like Morgan Stanley and Goldman Sachs and corporations have recognized the digital currency space’s growth potential.
Secure custody alternatives for managing and using digital assets are in high demand around the world. Square’s desire to be a force to be reckoned with in this arena is self-evident.