INDIA: Block, Inc. (NYSE: SQ) has launched Bitkey, a self-custody Bitcoin wallet that aims to give people more control over their bitcoin. Bitkey includes a mobile app, hardware device, and a set of recovery tools, making it easy for people to truly own their Bitcoin safely. The wallet is available globally and can be pre-ordered at bitkey.world, with shipping starting in early 2024.
Currently, the majority of Bitcoin owners keep their bitcoin in custodial platforms or exchanges, leaving them under the control of the custodian. Bitkey aims to change this by providing a forgiving recovery experience that prioritizes both simple and secure paths to help customers recover their money when something goes wrong, without the burden of having to remember long passwords.
Bitkey’s unique 2-of-3 multi-signature design uses three keys to secure Bitcoin, and any two keys working together are needed to move Bitcoin or approve other security-related actions like initiating recovery or modifying security settings. Bitkey puts two keys in customers’ hands: one is in the mobile app, which enables customers to make bitcoin transactions easily on their mobile phone, track their balance, and manage security preferences; and the second customer-held key is in the hardware device, securely stored offline.
Bitkey’s hardware key serves two main purposes: an extra layer of security to co-sign money movements (based on a customer-set limit); and enables recovery when customers lose their phone. A third key is on Bitkey’s server and is used for only two things: to help customers move Bitcoin with just their phone for the transactions they choose to make on the go without their hardware device and to help customers recover their wallet if they lose their phone or hardware- or even both.
Bitkey’s mission is to connect people across two worlds: the world of today’s domestic or regional centralized fiat monetary systems, and bitcoin’s distributed, borderless financial system. Bitkey has partnered with Coinbase and Cash App to help people easily transfer their bitcoin off exchanges and custodial platforms, making the journey to self-custody easier.
Bitkey is a self-custody bitcoin wallet that provides easy-to-use recovery tools and a unique 2-of-3 multi-signature design to give customers true financial ownership of their bitcoin. It is available globally and aims to widen access to self-custody and empower people to take control of their finances on their own terms.
