Block, a financial payment processor co-founded by Jack Dorsey, has introduced a Bitcoin wallet known as Bitkey with self-custody capabilities and availability in over 95 countries.
In the December 7 announcement, developers referred to the wallet, dubbed “Bitkey,” as being accessible in more than 95 countries via hardware storage or mobile application.
In the event of loss, Bitkey will provide recovery tools in addition to a secure hardware device and a two-of-three multi-signature wallet comprising a hardware key, a mobile key, and a server key.
To authorize transactions, both the user’s biometric and phone will be required. Initiating its initial international collaborations are Coinbase and Cash App.
“Bitkey secures Bitcoin with three keys; to transfer Bitcoin or authorize other security-related actions, such as initiating recovery or modifying security settings, requires the cooperation of any two keys,” Block explained.
“In this 2-of-3 multi-signature wallet, Bitkey can only access one key, not two or three; therefore, Bitkey cannot transfer or access a customer’s bitcoin without them.”
Excluding shipping and taxation, the Bitkey package costs $150 and comprises hardware storage in addition to the application. It will be available exclusively for pre-order, with releases anticipated in early 2024.
Solid sales growth for payment processors Cash App and Square contributed to Block’s $5.62 billion in revenue for the third quarter of 2023. The company’s Bitcoin investments yielded a profit of $44 million due to the cryptocurrency’s recent price recovery.
In contrast, the firm’s Bitcoin transaction gross profit increased by 22% year-over-year to $45 million, representing the sale of BTC’s $2.42 billion value to customers through the Cash App.
The introduction of Bitkey is consistent with Dorsey’s continuous support for Bitcoin. Although cryptocurrency may not constitute a primary source of revenue for Block, Dorsey maintains an unwavering dedication to the cause.
