The financial payment processor founded by Twitter’s co-founder and former CEO Jack Dorsey, Block, announced the release of a Bitcoin wallet. The developers of the wallet, called Bitkey, announced on December 7th that the wallet, which can be used as a mobile app or hardware storage, will be available in more than 95 countries.
Notable Security Measures of Bitkey
Block has introduced Bitkey, a wallet with a two-of-three multi-signature feature consisting of a mobile key, a hardware key, and a server key, as well as recovery tools in case of loss and a secure hardware device.
To approve transactions made through the wallet, both the user’s fingerprint and approval from the phone will be required. Among the initial global partners of Bitkey are the US-based cryptocurrency exchange Coinbase and Cash App. In its announcement to the public, Block stated the following:
“Bitkey uses three keys to secure Bitcoin and requires any two keys to work together to approve other security-related actions such as moving or initiating recovery of Bitcoin, or changing security settings. Since this two-of-three multisig wallet only has access to two or three keys, Bitkey cannot access or move a customer’s Bitcoin without them.”
Bitkey to be Released in 2024
The Bitkey package, which includes both the application and hardware storage, will have a price tag of $150, excluding shipping and taxes. The process will continue with pre-orders for now, and the wallet is planned to be released in early 2024. In the third quarter of 2023, Block recorded a revenue of $5.62 billion for payment processors Cash App and Square, thanks to solid sales growth.
Additionally, the company made a $44 million profit from Bitcoin investments due to the recent price recovery of Bitcoin. In addition to these developments, Bitcoin transaction gross profit increased by 22% from the previous year to $45 million, and the firm sold $2.42 billion worth of Bitcoin to customers through Cash App.