Financial services giant Block is nearing the launch of its inaugural self-custody Bitcoin wallet, “BitKey.” The new product would be integrated with the company’s global partners—the financial services platform Cash App and the renowned exchange Coinbase.
On October 4, a beta tester teased an image offering the first glimpse of Block’s upcoming Bitcoin hardware wallet, which was initially announced in 2022. The wallet appears to be a compact hexagon-shaped unit with an impressive fingerprint sensor, adding an extra layer of security. He stated:
“This implementation has a stone exterior […] and got the best tactile feel for a wallet, very fun.”
BitKey’s Beta Testing to Start Soon
Block’s official blog post revealed that BitKey’s public beta testing is set to kick off in the coming weeks. It has already started shipping the hardware wallet for public testing. The company aims to schedule the global launch for later this year.
BitKey, an advanced multi-signature bitcoin wallet, features a mobile application, a dedicated hardware device, and a comprehensive set of recovery tools. It empowers users with the ability to add, send, receive, and transfer bitcoin securely.
Notably, Block’s trusted exchange partners, Coinbase and Cash App, will facilitate the transfer of bitcoin to BitKey. This ensures the elimination of the risks associated with standard copy-and-paste methods.
In June, Coinbase commented on the partnership by stating:
“We’re passionately aligned with Bitkey’s vision of making self-custody more accessible and empowering individuals to take true ownership of their bitcoin. Our shared dedication to secure and easy-to-use customer experiences, global reach, and transparency forms the bedrock of this partnership.”
Moreover, users can conveniently purchase bitcoin through third-party partners integrated into the BitKey application.
Block’s hardware wallet is anticipated to be competitively priced. By doing so, it will aim to ensure active engagement by investors without burning a hole in their pockets.
Importance of Self-Custody
Block’s foray into the hardware wallet market comes when concerns around safety in bitcoin storage have significantly escalated. The recent meltdown of major exchanges like FTX underscores the paramount importance of self-custody.
Related reading : Jack Dorsey’s Bitcoin Hardware Wallet to Include Fingerprint Signatures
Jack Dorsey had previously hinted at his company’s vision for a bitcoin hardware wallet, empowering customers to maintain absolute control over their bitcoin holdings. The upcoming product is poised to reiterate this philosophy, providing a robust and secure means of managing one’s bitcoin.
The initial glimpse of the hardware wallet has sparked intrigue in the Bitcoin community. However, more details around the product, including the release date and pricing structure, are yet to be announced.
