{"id":66512,"date":"2023-12-07T15:52:10","date_gmt":"2023-12-07T19:52:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=66512"},"modified":"2023-12-07T15:52:12","modified_gmt":"2023-12-07T19:52:12","slug":"block-inc-launches-bitkey-self-custody-bitcoin-wallet","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/block-inc-launches-bitkey-self-custody-bitcoin-wallet\/","title":{"rendered":"Block Inc. Launches Bitkey Self-custody Bitcoin Wallet"},"content":{"rendered":"\n

Block, a financial payment processor co-founded by Jack Dorsey, has introduced a Bitcoin wallet known as Bitkey with self-custody <\/a>capabilities and availability in over 95 countries.<\/p>\n\n\n\n

\"Block
Block Inc. Launches Bitkey Self-custody Bitcoin Wallet<\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

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 <\/a>comprising a hardware key, a mobile key, and a server key. <\/p>\n\n\n\n

To authorize transactions, both the user's biometric and phone will be required. Initiating its initial international collaborations are Coinbase and Cash App.<\/p>\n\n\n\n

“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. <\/p>\n\n\n\n

“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.”<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Solid sales growth for payment processors Cash App \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":12,"featured_media":16550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[7681,14895,7605,481,17509],"class_list":["post-66512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-wallet","tag-bitkey","tag-block-inc-2","tag-jack-dorsey","tag-self-custody-wallet"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/01\/image-83.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=66512"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/66512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/16550"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=66512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=66512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=66512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}