The wallet was developed by Block’s Proto Team and is in line with the fintech’s vision of increased access and global financial independence.
Jack Dorsey’s Block Inc has rolled out a self-custody Bitcoin wallet available for pre-order in over 95 countries. The Bitkey wallet is made up of a mobile application, a hexagon-shaped hardware device and a set of recovery tools that can be used to recover a customer’s assets in case they lose their phone or hardware device.
The $150 wallet will begin shipping in early 2024. It sets itself apart from other self-custodial wallets that require users to remember or safely store lengthy seed phrases by instead using a two-of-three authentication mechanism. The user holds two of the three keys – the mobile app and the hardware device, each with distinct uses. The app performs Bitcoin transactions, tracks balance, and manages security preferences. The hardware device can be used to authenticate transactions and to recover assets if a customer loses their phone.
The third key is stored on Bitkey’s servers. According to the firm, the third key is used in only two cases: to help users move their Bitcoin on the go with just the mobile application and to aid in recovery in case users lose their mobile phone, hardware device, or both. Bitkey emphasizes that by being in possession of two out of the three keys of the multi-sig wallet, customers are in true control of their assets. The firm states it, on the other hand, cannot access or move customers’ Bitcoin with the single key in its possession.
The wallet was developed by Block’s Proto Team and is in line with the fintech’s vision of increased access and global financial independence.
Proto team lead Thomas Templeton commented:
“The bitcoin decentralized payments network has the potential to create a more inclusive financial system for all, especially those who have traditionally been underserved. In the future, we believe customers will demand ownership and self-custody because it brings peace of mind, reduces dependence on any one entity, and puts individuals in control of their own bitcoin. With Bitkey, we are building a safe and easy way for people all around the world with different levels of experiences with bitcoin to take control of their finances on their terms.”
The wallet was first announced in March. Beta testing started, and was announced, in June alongside the unveiling of the project’s first two partners – crypto exchange Coinbase and Block’s CashApp. The partnership will make Bitcoin transfers, purchases and selling among the wallet’s initial features, with more expected to follow.
move your bitcoin off the exchanges: https://t.co/x1oLkjhs0H
— jack (@jack) December 7, 2023
Built on the popular saying in crypto: “Not your keys, not your coin,” the wallet assures customers of more security than centralized exchanges. The collapse of major centralized crypto exchanges like FTX increased calls from some industry leaders for investors to move their assets off exchanges.
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