Block Launches Bitkey: A Self-Custody Bitcoin Wallet
Financial payment processor Block, co-founded by Jack Dorsey, has announced the launch of its self-custody Bitcoin wallet called “Bitkey”. This new wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey aims to provide enhanced security and convenience for Bitcoin users.
Securing Bitcoin with Three Keys
The Bitkey wallet features a two-of-three multi-signature setup. This means that it requires two out of three keys to access and manage Bitcoin. These keys include a mobile key, a hardware key, and a server key. The combination of these keys ensures a high level of security for users.
In addition, a secure hardware device is included in the Bitkey package. This device provides extra protection for the user’s Bitcoin and also includes recovery tools in case of loss or theft.
User-Friendly Transaction Approval
Bitkey has implemented a user-friendly transaction approval process. To authorize transactions, users need to provide both their fingerprint and phone approval. This ensures that only the authorized user can initiate transactions.
Partnerships with Coinbase and Cash App
Block has already partnered with major cryptocurrency platforms Coinbase and Cash App for the launch of Bitkey. These partnerships will help promote the adoption of Bitkey among their user bases and provide seamless integration for users.
Pricing and Availability
The Bitkey package, which includes both the app and hardware storage, is priced at $150 (excluding shipping and taxes). It is currently available for pre-order only, with rollout expected in early 2024.
Block’s Strong Performance
Block has been experiencing significant growth in recent quarters. In the third quarter of 2023, the company recorded $5.62 billion in revenue, driven by the success of its payment processors Cash App and Square. The firm also made a $44 million profit from its Bitcoin investments, thanks to the recent price recovery of BTC. Additionally, the firm reported a 22% year-over-year increase in Bitcoin transaction gross profit, with $2.42 billion worth of BTC sold to customers via Cash App.
Block’s launch of Bitkey represents a significant step in the development of secure and user-friendly Bitcoin wallets. With its multi-signature setup, secure hardware device, and user-friendly transaction approval process, Bitkey aims to provide a secure and convenient experience for Bitcoin users worldwide. As the cryptocurrency market continues to grow, the demand for reliable and secure wallets like Bitkey is expected to increase.