Block Rolls Out Bitkey Wallet to Encourage Self-Custody
Block, the company owned by Jack Dorsey, has announced the global launch of Bitkey, a self-custodial Bitcoin wallet. The aim is to encourage users to take full control of their coins by moving them off centralized exchanges. Dorsey emphasized this point in a tweet, urging users to purchase the wallets for $150 each.
A Unique Security Model
Bitkey’s rollout is available in 95 countries across six continents. The wallet includes a mobile app for managing funds and a hardware device for secure storage of private keys. The wallet operates on a multi-signature system, requiring permission from two out of three keyholders to move coins: the hardware device, the user’s phone, and Block itself. This model provides protection in case keys are lost or compromised.
Bitkey offers various recovery options if keys are lost or devices are replaced. Users can use the cloud backup service to recover their mobile key or trigger an in-built fund recovery process within the app. Trusted contacts can also assist with key recovery.
Making Self Custody Feasible
Lindsey Grossman, Bitkey Business Lead, highlighted that the wallet was designed to make users feel more secure about self-custody and encourage them to remove their coins from centralized exchanges. This move aligns with Dorsey’s commitment to promoting decentralization and security in the crypto ecosystem.
Hot Take: Block Launches Bitkey Wallet for Self-Custody
Block, owned by Jack Dorsey, has launched Bitkey, a self-custodial Bitcoin wallet. The aim is to empower users by encouraging them to take control of their coins and move them off centralized exchanges. Bitkey’s unique security model, including a multi-signature system and various recovery options, provides users with peace of mind. The wallet is designed to make self-custody more feasible and address concerns about control and product experiences. This initiative aligns with Dorsey’s commitment to decentralization and security within the crypto space.
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