Block Inc. has officially launched Bitkey, a self-custody Bitcoin wallet designed to offer individuals greater control over their Bitcoin holdings.
Bitkey comprises a mobile app, a hardware device, and recovery tools, providing users with a comprehensive solution for secure Bitcoin ownership.
Available in over 95 countries, Bitkey aims to simplify and enhance the experience of those seeking true financial ownership of their Bitcoin assets.
Traditionally, Bitcoin owners often utilise custodial accounts, leaving their assets under centralised control. Bitkey addresses this by promoting self-custody ownership, offering a straightforward solution for users to securely manage their Bitcoin without relying on centralised entities.
Bitkey distinguishes itself with a three-part structure. The mobile app facilitates easy transactions on smartphones, a hardware device ensures secure offline storage of savings, and a set of recovery tools safeguards users in case of phone or hardware loss. Unlike other self-custody solutions, Bitkey’s innovative multi-signature approach simplifies recovery without the need for complex seed phrases.
Having launched in over 95 countries across six continents, Bitkey positions itself as a global solution, aiming to democratise access to self-custody and empower individuals worldwide to manage their Bitcoin seamlessly and securely.
Preorders for Bitkey are now open globally, with shipping slated to commence in early 2024. The wallet introduces a unique security feature by employing three keys, allowing users to access and modify security settings, initiate recovery processes, or transfer Bitcoin using any two of the three keys.
The mobile app and hardware device serve as two keys, while the third key resides on the Bitkey server, accessible solely by the company.
Bitkey incorporates an optional daily spending limit feature, enhancing security by allowing users to set spending limits on their phones. This feature, in conjunction with the mobile key and server key, ensures co-signed transactions within the daily limit. The strategic intent is to balance security and convenience, enabling safe on-the-go spending without the necessity of carrying the hardware device everywhere.
As part of Block Inc.’s portfolio, Bitkey integrates with Cash App, offering an additional layer of security for co-signed money movements and enabling recovery in case of phone loss.
Furthermore, Bitkey facilitates Bitcoin transfers from both Cash App and Coinbase, with plans to expand this capability in a phased manner.
Bitkey’s global beta, launched in June, garnered insights from testers, and the wallet has since solidified partnerships with Coinbase and Cash App, reinforcing its position as a comprehensive self-custody solution.
