Block, the technology conglomerate announced its search for partners

On March 1, Block, the technology conglomerate founded by Jack Dorsey, announced its search for partners to help bring a self-custodial Bitcoin wallet to market. Two years ago, the company, then known as Square, shared its plans to develop such a wallet. In order 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 firm is seeking on- and off-ramp partners.

Block is adopting a quality-over-quantity approach when it comes to selecting partners. The company is prioritizing technical, product, and UI expertise, in addition to requiring price transparency, depth in local payment method coverage, and competency in onboarding and withdrawal processes from potential partners to ensure they meet Block’s standards.

Block is also planning to form partnerships with retail and distribution partners and payment partnerships. These partnerships are expected to broaden Bitcoin’s use cases and increase its relevance as a payment method. Block intends to have a few early partners integrated with them later this year and expects those partnerships to grow in the months and years after the launch of the wallet.

Jack Dorsey, the American tech entrepreneur and billionaire, has been a vocal supporter of blockchain technology in recent years. In December 2021, Square changed its name to Block as part of a shift in focus towards cryptocurrencies. In November 2021, Dorsey released a white paper outlining a decentralized Bitcoin exchange, but little activity has been seen since the initial announcement.