Financial payment processor Block, co-founded by Jack Dorsey, has unveiled its self-custody Bitcoin wallet called “Bitkey.” In an announcement on December 7, developers revealed that the wallet will be available as a mobile app or hardware storage and accessible in over 95 countries.
Bitkey features a two-of-three multi-signature wallet, which consists of a mobile key, a hardware key, and a server key. It incorporates a secure hardware device and recovery tools in case of loss. To approve transactions, users will need to authenticate with both their fingerprint and phone. Coinbase and Cash App are among the initial global partners for Bitkey.
Block emphasized that Bitkey employs three keys to secure Bitcoin, requiring any two keys to work together for moving Bitcoin or authorizing security-related actions like recovery or modifying settings. The wallet, operating in a 2-of-3 multi-signature framework, ensures that Bitkey cannot access or move a customer’s Bitcoin without their participation.
In the third quarter of 2023, Block reported impressive financial results, recording $5.62 billion in revenue driven by strong sales growth from payment processors Cash App and Square. The company also achieved a $44 million profit on its Bitcoin investments, benefiting from the recent price recovery of BTC. Furthermore, Bitcoin transaction gross profit reached $45 million, a 22% increase year-over-year, with Block selling $2.42 billion worth of BTC to customers through Cash App.
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