- Block has made its Bitkey self-custody wallet available for pre-order in over 95 countries
- The wallet aims to introduce newcomers to self-storage as well as serving existing Bitcoiners
- The wallet employs a 2-of-3 multi-signature design to eliminate lengthy passwords and seed phrases
Crypto company Block has unveiled Bitkey, its latest self-custody wallet, which is now available for pre-order in more than 95 countries. Bitkey aims to empower users by simplifying the secure management of their Bitcoin holdings, with Block looking to cater for both novices and seasoned Bitcoiners. The wallet includes a mobile app, hardware device, and comprehensive recovery tools, and utilizes a system that eliminates lengthy passwords and seed phrases.
No More Seed Phrases
Bitkey was announced in March 2022, with the company promising the opportunity for users to “choose how you want to balance the convenience of using the app for transfers and the security of requiring the hardware for authorizing higher stakes money movement.” The standout feature of Bitkey lies in its 2-of-3 multi-signature design, eliminating the need for complicated passwords or seed phrases. This innovative system utilizes three keys to secure Bitcoin, requiring any two keys to authorize transactions or perform security-related actions.
We’re excited to announce people in 95+ countries can now pre-order Bitkey!
Bitkey is the self-custody bitcoin wallet with an app to send on the go, hardware to protect your savings, and recovery tools in case you lose your phone, or hardware, or both. https://t.co/OR60vH6InG pic.twitter.com/5UbjkhePc3
— Bitkey (@Bitkeyofficial) December 7, 2023
Bitkey ensures enhanced security by distributing two keys directly to users; one key is housed within the mobile app, providing convenience for transactions and security management while the second key is securely stored offline within a hardware device, serving as both a security enhancement and a recovery method in case of a lost phone.
The wallet also incorporates a third key stored on Block’s server, allowing seamless mobile transactions and providing a failsafe option for wallet recovery in case of device loss. Crucially, Bitkey’s 2-of-3 multi-signature design ensures that Block cannot access or move a user’s bitcoin without explicit consent.
Block Wants to Encourage Self-storage
In addition to its robust security features, Bitkey has forged partnerships with major platforms like Coinbase and Cash App which will facilitate effortless transfers of Bitcoin from exchanges to the user’s self-custody wallet, streamlining the user experience.
Crypto wallets have by and large been the preserve of those with experience in the crypto sector, but Block hopes that its Bitkey will give novice users the confidence to store their own Bitcoin without the risk of making a mistake and losing it.