Financial payment processor Block, co-founded by Jack Dorsey, has introduced its self-custody Bitcoin wallet named “Bitkey.” This wallet, available as a mobile app or hardware storage, is designed for accessibility in over 95 countries. The Bitkey wallet features a two-of-three multi-signature setup, including a mobile key, a hardware key, and a server key, and provides a secure hardware device and recovery tools in case of loss.
Transaction approval on Bitkey requires both the user’s fingerprint and phone. Among the initial global partners for Bitkey are Coinbase and Cash App. The wallet’s security model ensures that any two keys out of the three are required to move Bitcoin or approve security-related actions.
Bitkey 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.
The company emphasized that due to its 2-of-3 multi-signature design, Bitkey cannot access or move a customer’s bitcoin without the required keys.
The Bitkey package, priced at $150 (excluding shipping and taxes), includes the app and hardware storage, and is currently available for pre-order, with the rollout expected in early 2024.
In the third quarter of 2023, Block reported revenue of $5.62 billion, driven by strong sales growth from payment processors Cash App and Square. The firm also achieved a $44 million profit on Bitcoin investments, benefiting from BTC’s recent price recovery. Moreover, the gross profit from Bitcoin transactions reached $45 million, reflecting a 22% YoY increase, with $2.42 billion worth of BTC sold to customers via Cash App.
Earlier in October, Trezor, a key player in the hardware wallet industry, unveiled a trio of self-custody wallets on its 10th anniversary.