With a non-custodial wallet, you have sole control of your private keys, which in turn control your cryptocurrency and prove the funds are yours. With a custodial wallet, another party controls your private keys. Most custodial wallets are Web-based exchange wallets.
“We don’t want to compete with other hardware wallets out there,” Dorsey said. “We just want to take it to the next level and get to 100 more million people, which have non-custodial solutions.”
As bitcoin and other crypto-currencies have gained in popularity, many companies have emerged to serve a growing need to protect these assets from online theft.
Shares of Square were last up 1.3% at $215.28.
The company has further raised its bets on bitcoin since it disclosed in February https://reut.rs/34PFSZb it had invested $170 million more in the cryptocurrency.
(Reporting by Gertrude Chavez-Dreyfuss in New York and Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli and Jonathan Oatis)