Financial payment processor Block launches self-custody Bitcoin wallet

Introducing Bitkey: Block's new Bitcoin wallet

Block, the financial payment processor co-founded by Jack Dorsey, has unveiled its latest product: Bitkey, a self-custody Bitcoin wallet. The wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey features a two-of-three multi-signature wallet that requires a mobile key, a hardware key, and a server key for added security. It also includes a secure hardware device and recovery tools in case of loss. To approve transactions, users will need to provide both their fingerprint and phone authentication. Coinbase and Cash App are among the wallet's first global partners.

Enhanced security and accessibility

Block stated that Bitkey uses three keys to secure Bitcoin, and any two keys are required to move Bitcoin or perform other security-related actions. This means that Bitkey cannot access or move a customer's Bitcoin without their authorization. The wallet provides an extra layer of security by combining both hardware and software elements. It is designed to be user-friendly and accessible to customers around the world.

Pre-order details and pricing

The Bitkey package, which includes both the app and hardware storage, is priced at $150 (excluding shipping and taxes). Currently, it is only available for pre-order, with the official rollout expected in early 2024. Block aims to make Bitkey widely available to individuals and businesses seeking a secure and convenient way to store and manage their Bitcoin holdings.

Block's strong financial performance

In the third quarter of 2023, Block reported impressive financial results. The company generated $5.62 billion in revenue, largely driven by the success of payment processors Cash App and Square. Additionally, Block realized a $44 million profit from its Bitcoin investments due to the recent price recovery of BTC. Bitcoin transaction gross profit also saw a significant increase of 22% year-over-year, with $45 million in profit. The firm sold $2.42 billion worth of BTC to customers via Cash App.

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