Bitkey, a self-custody bitcoin wallet, is now available for pre-order in more than 95 countries thanks to a fintech company founded by Jack Dorsey, Block (SQ).
Block revealed on Thursday that Bitkey consists of a set of recovery tools, a hardware device, and a mobile app. Customers can use the app on their phone to transact in bitcoin, and the hardware device stores their assets offline. The third key, which is kept on Bitkey’s servers, is used to secure a customer’s bitcoin. The other two are the app and hardware device.
When a customer loses their phone, device, or both, the third key is used to recover their wallet and validate transactions made with just their phone.
In advance of the worldwide launch, Bitkey started beta testing during the summer. Block revealed in June that the wallet will link to Coinbase (COIN), a cryptocurrency exchange, and its payments platform Cash App to enable BTC buying and selling within the app.
Users started to become more concerned about self-custody of crypto-assets after many centralised cryptocurrency platforms collapsed, including FTX, Voyager, and Celsius. Millions of users discovered the proverb “Not your keys, not your coins” to be true the hard way. According to Block, Bitkey preorders should start shipping in early 2024.