Block Launches Bitkey: A Self-Custody Bitcoin Wallet
Financial payment processor firm Block, co-founded by Jack Dorsey, is introducing a self-custody Bitcoin wallet called “Bitkey” in over 95 countries. The wallet allows investors to securely store, manage, and own their Bitcoin outside of exchanges.
Bitkey aims to provide a user-friendly and secure self-custody solution, addressing the prevailing trend of storing Bitcoin on custodial platforms or exchanges. It offers enhanced security features with three keys, requiring two keys for Bitcoin transactions or security-related actions.
Bitkey’s design ensures that Block cannot access or move a user’s Bitcoin without explicit consent. The wallet package is priced at $150 and is available for pre-order, with shipments starting in early 2024.
Competition in the Secure Storage Market
This launch puts Block in competition with established hardware wallet startups like Ledger and Trezor. However, Bitkey focuses specifically on providing a simple and secure solution for Bitcoin self-custody.
In Q3 2023, Block reported $5.62 billion in revenue, driven by strong sales growth for Cash App and Square. Additionally, the company achieved a $44 million profit from its Bitcoin investments.
Hot Take: Empowering Users with Self-Custody
With the launch of Bitkey, Block aims to empower cryptocurrency users with control over their finances through ownership and self-custody. The wallet’s user-friendly interface and enhanced security features make it an attractive option for those seeking to securely store their Bitcoin outside of exchanges.
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