Jack Dorsey Led Block Unveils Self-Custody Bitcoin Wallet

• To authorize transactions, the user will need to utilize both their fingerprint and their phone.
• Coinbase and Cash App are among Bitkey’s first international partners.

Block led by Jack Dorsey has released a self-custody Bitcoin wallet. The makers of the wallet, which goes by the name ‘Bitkey’, said on December 7 that it would be accessible in more than 95 countries via a smartphone app or hardware storage.

A secure hardware device and recovery tools are part of Bitkey’s two-of-three multi-signature wallet, which also includes a server key and a mobile key. In order to authorize transactions, the user will need to utilize both their fingerprint and their phone. Coinbase and Cash App are among Bitkey’s first international partners.

Block stated:

“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. 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.”

Strong Q3 Performance

Not including shipping and taxes, the Bitkey bundle costs $150 and comes with the software and hardware storage. It is anticipated to be released in early 2024 and will only be available for pre-order.

Thanks to strong increase in sales for Cash App and Square, Block was able to reach $5.62 billion in revenue for the Q3 of 2023.

In addition, the company made $44 million from its Bitcoin assets as a result of the cryptocurrency’s recent price rebound. Furthermore, the company sold $2.42 billion worth of Bitcoin to clients via Cash App, resulting in a $45 million gross profit from Bitcoin transactions, a 22% increase year over year.

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