Block announces preorders for Bitkey bitcoin wallet

Block’s self-custody bitcoin wallet uses three keys to secure bitcoin

article-image

Block co-founder Jack Dorsey | Frederic Legrand – COMEO/Shutterstock modified by Blockworks

share

Preorders for Block’s self-custody bitcoin wallet Bitkey launched across the world on Thursday.

According to a press release, the wallet can be preordered in 95 countries, with shipping set to start in early 2024.

“Bitkey includes a mobile app, hardware device and a set of recovery tools in case the customer loses the phone, their hardware, or both,” the release said.

It uses three keys to secure bitcoin in the wallet, though a customer can use any two of those keys to access and change security settings, launch a recovery or transfer bitcoin. The app acts as one key, and the hardware device acts as a second key. The final key is on the Bitkey server, and is the only one the company has access to.

The Bitkey wallet also allows users to set an optional daily spending limit on their phones. This feature utilizes the mobile key in conjunction with the server key to co-sign transactions up to the set daily limit. The intent is to provide security and convenience, enabling users to spend safely on the go without making it necessary to carry their hardware device everywhere. This system ensures that even if someone gains access to the user’s phone, they cannot access all of the user’s funds.

Read more: Block’s Cash App bitcoin revenue up, investment holdings now above breakeven

The hardware gives “an extra layer of security to co-sign money movements (based on a customer-set limit); and enables recovery when customers lose their phone.”

Bitkey’s global beta launched back in June. Beta testers were able to test out the hardware device and mobile app.

At the time of the beta launch, it also announced a Coinbase partnership. Users were able to buy bitcoin on Coinbase and initiate the transfer through Coinbase Pay.

Cash App, which is also in Block’s portfolio, will also integrate its product into the Bitkey app. Cash App was launched by Square — now Block — back in 2013. In August, Cash App noted that the amount of bitcoin sold to customers during the second quarter of 2023 jumped up to $2.39 billion. This marked a year-over-year increase of 34%.

When customers receive their wallets, they’ll be able to transfer bitcoin from both Cash App and Coinbase though the ability to transfer bitcoin from other places and the buy and transfer features will be rolled out in a “staggered” approach.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million