A team led by Block founder Jack Dorsey has launched a new self-custody Bitcoin wallet called ‘Bitkey.’ This innovative wallet will be available in over 95 countries, providing users with a safe and simple way to manage their Bitcoin holdings.
Bitkey can be accessed via a smartphone app or hardware storage, providing crypto enthusiasts with a flexible and accessible experience.
The highlight of Bitkey is its two-of-three multi-signature wallet, which includes a secure hardware device and recovery tools. A server key, a mobile key, and the user’s fingerprint are all included in the wallet.
Users will need to use both their fingerprint and their phone to authorize transactions or perform security-related actions.
This multi-signature approach improves Bitcoin security by requiring a combination of keys for any significant actions.
Bitkey has already formed alliances with leading international platforms such as Coinbase and Cash App. These collaborations reflect Bitkey’s strategic decision to work with established players in the crypto space, further solidifying its position as a dependable and trusted solution for self-custody Bitcoin storage.
By stating that any two keys working together are required to move Bitcoin or authorize security-related actions, Block emphasizes Bitkey’s commitment to security.
Bitkey, with access to only one key in the 2-of-3 multi-signature wallet, ensures that the user retains complete control over their Bitcoin without interference from third parties.
The Bitkey bundle costs $150 (plus shipping and taxes) and includes both software and hardware storage components. The product is currently available for pre-order and will be available in early 2024.
This pricing strategy positions Bitkey as a cost-effective and competitive option in the market for self-custody Bitcoin wallets.
Block, Bitkey’s parent company, reported strong financial results in the third quarter of 2023. Block experienced significant growth, with revenue reaching $5.62 billion, thanks to the success of Cash App and Square.
Furthermore, Block generated $44 million from its Bitcoin assets as a result of the cryptocurrency’s recent price recovery.
The strategic sale of $2.42 billion in Bitcoin via Cash App resulted in a $45 million gross profit from Bitcoin transactions, a 22% increase year on year.