Financial payments processor Block, co-founded by Jack Dorsey, launched its self-custody bitcoin (btc) wallet.
Nicknamed “Bitkey,” the developers said during the December 7 conference. bitcoin-Wallet-Bitkey-Built-by-Block-Inc.-Launches-Globally-Widening-Access-to-True-Financial-Ownership” target=”_blank” rel=”noopener nofollow”>advertisement that the wallet, available as a mobile app or hardware storage, will be accessible in more than 95 countries. Bitkey will feature a two-out-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key, with a secure hardware device along with recovery tools in case of loss. Both the user's fingerprint and phone number will be required to approve transactions. Bitkey's first global partners include Coinbase and Cash App.
“Bitkey uses three keys to secure bitcoin, and any two keys that work together are necessary to move bitcoin or approve other security-related actions, such as starting recovery or modifying security settings,” Block said. “Because Bitkey only has access to one, not two or three, keys in this 2-of-3 multi-signature wallet, Bitkey cannot access or move a customer's bitcoins without them.”
The Bitkey package, which includes both the app and hardware storage, is priced at $150, excluding shipping and tax. It is scheduled for pre-order only and is expected to launch in early 2024.
In the third quarter of 2023, Block posted $5.62 billion in revenue thanks to strong sales growth from payment processors Cash App and Square. The company also made a profit of $44 million on its bitcoin investments due to the recent recovery in the btc price. Meanwhile, gross profit from bitcoin transactions stood at $45 million, up 22% year-on-year, and the company sold $2.42 billion worth of btc to customers via Cash App.
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