Financial payment processor Block launches new self-custody crypto wallet

Financial payment processor Block launches new self-custody crypto wallet

The Jack Dorsey-backed company wants to make it easier for crypto fans to control their funds

Block financial payment processor, co-founded by Jack Dorsey, has launched its self-custody Bitcoin wallet, meaning users who misplace their “Bitkey” wallet won’t need to enter a seed phrase to retrieve funds.

In the December 7 announcement, developers said the wallet will be available as an app or hardware storage in over 95 countries and features a two-of-three multi-signature wallet with a mobile key, server key and hardware key. A secure hardware device comes with recovery tools in the event of loss and requires a user fingerprint and phone to authorize transactions. The first global partners for Bitkey include the Coinbase and Cash App wallets.

“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,” Block remarked. “Because Bitkey only has access to one, not two or three keys in this 2-of-3 multi-signature wallet, Bitkey cannot access or move a customer’s bitcoin without them.”

The Bitkey package provides the app and hardware storage for $150, not including taxes and shipping costs. Pre-orders are currently available, with a complete rollout anticipated early next year.

Block recorded $5.62 billion in revenue in the third quarter of 2023, supported by substantial sales growth for Square and Cash App payment processors. The firm also earned $44 million in profits from Bitcoin investments due to its recent price surge. Its gross earnings from Bitcoin transactions were at $45 million, a 22% year-over-year increase, with the wallet selling $2.42 billion in BTC to Cash App customers.

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