Block Bitkey: Jack Dorsey's Bitcoin Wallet Hits 95+ Markets Worldwide

• Block Unveils Self-Custody Bitcoin Wallet, Bitkey
• Bitkey's Key Features
• Security of Bitkey
• Bitkey's Beta Testing and Global Rollout
• The Importance of Crypto Self-Custody
• Shipping Schedule of Bitkey
• Relevant News

Block Unveils Self-Custody Bitcoin Wallet, Bitkey

FinTech giant Block, formerly known as Square (SQ), has recently announced the pre-order availability of its self-custody Bitcoin$42,260 -0.64% wallet, Bitkey, in over 95 nations worldwide.

Bitkey's Key Features

Bitkey is a comprehensive solution comprising of a mobile application, a hardware device, and a set of recovery tools. This announcement was made public by Block on a recent Thursday. The unique selling point of this product is that it allows clients to conduct Bitcoin transactions through their smartphone, while the included hardware device ensures offline storage of their assets.

Security of Bitkey

The Bitkey mobile application and hardware device represent two out of the three keys required to secure a customer's Bitcoin. The third key is stored on Bitkey's servers. This key is utilized to authenticate transactions conducted by customers using only their mobiles (in the absence of the hardware device) and to recover their wallet in case they misplace their phone, the device, or both.

Bitkey's Beta Testing and Global Rollout

Bitkey underwent a period of beta testing during the summer in preparation for its global launch. Earlier in June, Block revealed that the wallet will integrate with its Cash App payment platform and the Coinbase (COIN) cryptocurrency exchange which would facilitate buying and selling of Bitcoin within the app.

The Importance of Crypto Self-Custody

Self-custody of crypto assets has emerged as a significant concern for users after the downfall of several centralized cryptocurrency platforms, including FTX$3.28 -5.38%, Voyager, and Celsius. It was a harsh lesson for millions of users that led to the realization of the phrase, Not your keys, not your coins.

Shipping Schedule of Bitkey

Block has stated that Bitkey pre-orders are expected to be shipped by early 2024.

Relevant News

In other related news, Trezor has disclosed their new series of hardware wallets and a corrosion-resistant 'Keep Metal' for recovery.

Edited by Jonathan Stoker