Jack Dorsey’s Block Inc. Launched a self-sustaining Bitcoin wallet
Financial payment processor Block, founded by Jack Dorsey, has launched its self-managed Bitcoin (BTC) wallet.
Dubbed “Bitkey,” the developers said during the December 7 announcement that the wallet, available as a mobile app or hardware store, will be accessible in more than 95 countries. Bitkey offers a two-thirds multi-signature wallet that includes a mobile key, a hardware key, and a server key, a secure hardware device with loss recovery tools. It requires both the user's fingerprint and phone to authorize transactions. The first global partners for Bitkey include Coinbase and the Cash app.
“Bitkey uses three keys to secure Bitcoin, and any two keys working together are required to move Bitcoin or approve other security-related actions, such as initiating a recovery or modifying security settings,” Block said. In this 2-3 multi-signature wallet, Bitkey has only one, not two or three keys, so Bitkey cannot access or move client bitcoins without them.
The Bitkey bundle, which includes both the app and hardware storage, costs $150, excluding shipping and tax. Set for pre-order only, releases are expected in early 2024.
In the year In the third quarter of 2023, Block posted revenue of $5.62 billion on the back of strong sales growth for payment processors Cash app and Square. The company recently made a $44 million profit on its Bitcoin investments due to BTC's price recovery. Meanwhile, Bitcoin trading gross profit stood at $45 million, up 22 percent year-over-year, as the firm sold $2.42 billion of BTC to customers through the cash app.
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