Coinbase to make self-custody ‘secure and easy to use’ with Block’s Bitkey

Bitkey, a self-custody bitcoin wallet, is slated for a “wider public launch later this year”

June 15, 2023 12:05 pm

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Block’s Bitkey wallet is partnering with Coinbase.

Bitkey, which is a self-custody bitcoin wallet, is also launching its global beta. According to Coinbase’s press release, the public release of the Bitkey wallet is slated for a “wider public launch later this year.”

Beta testers for Bitkey have access to the mobile app. They also receive a hardware device that has a fingerprint sensor, PIN authentication and mobile recovery, according to the website.

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Through the partnership, Bitkey wallet holders will be able to buy bitcoin on Coinbase and transfer the BTC to their wallet through Coinbase Pay, with fiat payment method fees. Customers will also be able to transfer existing bitcoin.

“The Bitkey app will display the full cost of the transaction being offered by the different partners so that customers can decide which partner is right for them before redirecting to the partner-hosted experience,” Bitkey’s press release said.

Bitkey also announced a partnership with Cash App, which also integrates the product into the Bitkey app. Cash App was launched by Block — back when it was Square — in 2013.

“At Bitkey, we’re building a self-custody bitcoin wallet designed to empower the next 100 million people to truly own and manage their bitcoin – safely and easily,” Lindsey Grossman, Bitkey’s business lead, said.

“Partners play a key role in bringing self-custody to a wider group of people around the world, and we are incredibly proud to have partnered with leading companies like Coinbase to make self-custody both secure and easy to use.”

This is the latest foray into bitcoin products for Block, with Jack Dorsey’s company also seeking to disrupt bitcoin mining by creating its own custom silicon for mining hardware.

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