Jack Dorsey’s Block Launches Bitkey Bitcoin Self-Storage Wallet for Pre-Order
Block, Inc. (NYSE: SQ), led by CEO Jack Dorsey, has reportedly finally opened pre-orders for its new self-storage wallet, Bitkey, in a move aimed at democratizing access to self-storage for Bitcoin. A press release was sent to Bitcoin Magazine. This new Bitcoin wallet seeks to redefine ownership and security for BTC holders around the world. Launching today in more than 95 countries across six continents, Bitkey aims to empower users by making it easy and secure to manage their Bitcoin.
Currently, the majority of Bitcoin holders store their holdings on custodial platforms or exchanges and hand control over to these intermediaries. Bitkey aims to provide a new storage solution by introducing a multi-pronged approach to self-storage without the complexities associated with traditional hardware wallets.
Bitkey consists of a mobile app, hardware device, and comprehensive recovery tools, making it suitable for both seasoned Bitcoin enthusiasts and beginners. Block’s Proto team, led by Thomas Templeton, emphasized the importance of self-custody in creating a better financial environment. “Bitcoin’s decentralized payments network has the potential to create a more inclusive financial system for everyone, especially those who have been traditionally underserved,” Templeton said. “We believe that in the future, customers will demand ownership and self-management. Because it brings peace of mind, reduces dependence on specific companies, and allows individuals to take control of their Bitcoin. With Bitkey, we are building a safe and easy way for people around the world with varying levels of experience with Bitcoin to take control of their finances on their own terms.”
Bitkey’s key feature is its 2/3 multi-signature design, which eliminates the need for long and cumbersome passwords or seed phrases. The system uses three keys to secure Bitcoins, and two keys are required to authorize transactions or perform security-related actions.
The wallet distributes two keys directly to the user. One is stored within the mobile app for convenient transactions and secure management, and the other is stored safely offline within the hardware device. Hardware keys not only enhance security, but also serve as a means of recovery if the user loses the phone.
Bitkey also integrates a third key stored on the company’s servers, enabling seamless mobile transactions and providing a secure option for wallet recovery if your device is lost. It is important to note that Bitkey’s 2/3 multi-signature design ensures that the company cannot access or move a user’s Bitcoin without their explicit consent.
Bitkey also partners with major platforms like Coinbase and Cash App to make it easy to transfer Bitcoin from exchanges to users’ self-custodial wallets.
Bitkey is currently available for pre-order here, with shipping expected to begin in early 2024.
