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The Crypto Future After the FTX Boom

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The payment company is working on a product to allow customers to hold bitcoins instantly. Following the failure of FTX, the future of crypto is self-sustainable, said Max Guise, bitcoin wallet at Block (SQ), a payment company led by Twitter user Jack Dorsey. “We want to put consumers in control of their money,” Guise said on CoinDesk TV’s “First Mover” show Thursday from CES 2023, a technology conference in Las Vegas.

“The best way not to gamble with customers’ money is to not be able to in the first place.”

Block creates a digital wallet to allow customers to hold bitcoin (BTC) themselves, instead of transferring the coin to a third-party platform like FTX. The bag, which will have three “keys”, should hit the market this year.

Block Wallet Allows Users to Transfer Money with Phone and Hardware Wallet

To transfer money with the wallet, the user must have their phone and log into the app with their hardware wallet. Without both, Guise said, “Prohibition cannot deliver their money.” A third key, which Block holds in the “computer recovery service,” is available to users who lose their phones or wallets, he said.

Guise indicated that Block is interested in working with “many partners,” including crypto exchange Coinbase (COIN) and CashApp, as well as regional exchanges in Latin America and Africa. “What we’re building with our bitcoin wallet is to make it easy and convenient for more people to have their keys,” he said.

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