Financial payments processor Block, co-founded by Jack Dorsey, has launched its self-custody Bitcoin (BTC) wallet.
Developers going by the name “Bitkey” said in the Dec. 7 announcement that the wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey will feature a two-of-three multi-signature wallet consisting of a mobile key, a hardware key and a server key, with a secure hardware device as well as recovery tools in case of loss. Both the user's fingerprint and phone are required to approve transactions. The first global partners for Bitkey include Coinbase and Cash App.
“Bitkey uses three keys to secure Bitcoin, and any two keys working together are required to move Bitcoin or authorize other security-related actions such as initiating a restore or changing security settings,” Block explained. “Because Bitkey only has access to one, rather than 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, costs $150, plus shipping and taxes. It is only available for pre-order, with launch expected in early 2024.
In the third quarter of 2023, Block reported revenue of $5.62 billion due to solid revenue growth from payment processors Cash App and Square. The company also made a profit of $44 million from its Bitcoin investments due to BTC’s recent price rally. Meanwhile, gross profit from Bitcoin transactions was $45 million, up 22% year-on-year, with the company selling $2.42 billion worth of BTC to customers via Cash App.
Related: Bitcoin is up 170% since the ECB announced its “last gasp” at $16.4k
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