Block Unveils Bitkey: A Bitcoin Wallet for Self-Custody
Block, Inc. (NYSE: SQ), formerly known as Square, Inc., a global technology conglomerate, has introduced Bitkey, a self-custody Bitcoin wallet designed to democratize financial ownership. Bitkey, a product of Block’s Proto team, exemplifies the company’s mission to accelerate the world’s transition to an open economy.
Bitkey Aims to Revolutionize Financial Ownership
The new wallet is meant to encourage you to have complete control over financial transactions.
The Main Features of Bitkey
Bitkey uses 2-of-3 multi-signature wallet technology and has a mobile key, hardware key, and a server key to add layers of security to the system. The purpose is to offer you additional protection levels at every stage.
Bitkey Unique Hardware and App Integration
Bitkey integration keeps the hardware and the app components completely secure as the wallet uses NFC technology to connect with the phone.
Recovery Solutions Offered By Bitkey
Users can easily recover their wallets in case of phone loss, hardware loss, or both, using trusted contacts or the hardware key.
Integration with Coinbase and Cash App
Bitkey also announced partnerships with leading global exchange Coinbase and financial services app Cash App, part of Block’s ecosystem. These collaborations allow Bitkey users to seamlessly transfer or buy Bitcoin and move it to their self-custody Bitkey wallet, simplifying the transition to self-custody.
Bitkey Ordering, Pricing, and Availability
Bitkey is currently available for pre-order at $150 USD on bitkey.world. Shipment is expected to begin in early 2024 with global availability.
Hot Take: BitKey First Impressions and Market Outlook
The introduction of BitKey is a significant stride toward offering everyday people a secure way to manage their Bitcoin, and with seamless integration between leading financial platforms, the company is well-positioned for success. Moreover, its recovery solutions make it a plausible option for both novices and experienced Bitcoin enthusiasts as they embrace self-custody wallets as an essential component of this rapidly growing industry.
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