Jack Dorsey’s Block Launches Self-Custody Bitcoin Wallet ‘Bitkey’ – Here’s What You Need to Know
Financial payment processor firm Block, co-founded by Jack Dorsey, is launching a self-custody Bitcoin wallet in more than 95 countries.
On December 7, Block unveiled its self-custody Bitcoin wallet named “Bitkey.” With Bitkey, investors can own, manage, and securely store their Bitcoin outside of exchanges.
According to Block, Bitkey seeks to offer a user-friendly and secure self-custody solution, addressing the prevailing trend where a significant majority of Bitcoin owners store their holdings on custodial platforms or exchanges.
Block said in its announcement,
“The bitcoin decentralized payments network has the potential to create a more inclusive financial system for all, especially those who have traditionally been underserved. In the future, we believe customers will demand ownership and self-custody because it brings peace of mind, reduces dependence on any one entity, and puts individuals in control of their own bitcoin.”
According to the announcement, Bitkey’s security features involve three keys, and any two keys are required to move Bitcoin or authorize security-related actions, eliminating the need for long passwords or seed phrases.
According to Lindsey Grossman, Business Lead for Bitkey:
“With Bitkey, we wanted to build a product that helps bring everyone to self-custody, combining robust security and recovery options, with a simple customer experience that puts them in control of their money.”
Two keys are distributed directly to users: one within the mobile app for transactions and security management, and the other stored offline within a hardware device, enhancing security and serving as a recovery method if the user loses their phone. The third key, stored on the company’s server, enables seamless mobile
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