The hardware wallet will be build entirely in the open, from software to hardware design, and in collaboration with the community, he said in a tweet on Friday.
"Bitcoin is for everyone. It's important to us to build an inclusive product that brings a non-custodial solution to the global market," he said.
A staunch cryptocurrency supporter, Dorsey and rap artist Jay-Z announced to invest 500 bitcoins (approximately Rs 174 crore) in an endowment to fund Bitcoin development with a focus on India and Africa.
For Dorsey, Bitcoin is like poetry and that he sees ample opportunity for Bitcoin to bring about a sea change in the world.
"Most people access the internet on mobile. Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people," he stressed.
Bitcoin is currently on a tumultuous ride thanks to Tesla CEO Elon Musk.
After giving a massive jolt to the cryptocurrency fans, Musk has now come forward to help form a Bitcoin Mining Council that will promote energy usage transparency" and "accelerate sustainability initiatives worldwide."
Musk earlier announced not to use the popular cryptocurrency Bitcoin as a payment mode to buy its electric vehicles, citing environmental harm. The currency nosedived, losing nearly 50 per cent of its value within no time, and is now hovering at around $38,000.
After applying brakes on Bitcoin as a payment mode to buy Tesla vehicles, Musk has also revealed that he might create his own cryptocurrency in the near future.