In a move aimed at democratizing access to bitcoin self-custody, Block, Inc. (NYSE: SQ), led by CEO Jack Dorsey, has finally launched pre-order for its new self-custody wallet, Bitkey, according to a press release submitted to bitcoin magazine. This new bitcoin wallet seeks to redefine ownership and security for btc holders around the world. Bitkey, which launched today in over 95 countries across six continents, aims to empower users by providing them with easy and secure management of their bitcoin.
Currently, a vast majority of bitcoin owners store their holdings on custodial platforms or exchanges, ceding control to these intermediaries. Bitkey aims to offer a new custody solution by introducing a multi-faceted approach to self-custody without the complexities associated with traditional hardware wallets.
Bitkey comprises a mobile app, hardware device, and comprehensive recovery tools, aimed at both experienced and novice bitcoin enthusiasts. The Proto team at Block, led by Thomas Templeton, emphasized the importance of self-custody to foster a better financial picture. “The bitcoin decentralized payments network has the potential to create a more inclusive financial system for everyone, especially those who have traditionally been underserved,” Templeton said. “In the future, we believe customers will demand ownership and self-custody because it gives them peace of mind, reduces dependency on any one entity, and puts people in control of their own bitcoins. With Bitkey, we are building an easy and secure way for people around the world with different levels of bitcoin experience to take control of their finances on their own terms.”
Bitkey's key feature is its 2-of-3 multi-signature design, which eliminates the need for long and cumbersome passwords or seed phrases. This system uses three keys to protect bitcoin, and requires any two keys to authorize transactions or implement security-related actions.
The wallet distributes two keys directly to users: one hosted within the mobile app for convenient transactions and security management, and the other stored securely offline within a hardware device. The hardware key not only serves to improve security, but also serves as a means of recovery if a user loses their phone.
Bitkey also incorporates a third key stored on the company's server, enabling seamless mobile transactions and providing a fail-safe option for wallet recovery in the event of device loss. It is important to note that Bitkey's 2-in-3 multi-signature design ensures that the company cannot access or move a user's bitcoin without their explicit consent.
Additionally, Bitkey has partnered with major platforms such as Coinbase and Cash App, facilitating easy transfers of bitcoin from exchanges to the user's self-custody wallet.
Bitkey is currently available for pre-order hereand shipments will begin in early 2024.
