Non-custodial Bitcoin-only exchange and payments service provider Bull Bitcoin recently announced the launch of their self custody wallet. With this development, Bull Bitcoin has seamlessly integrated a non-custodial exchange and a non-custodial wallet within a single application.
In an exclusive interview with BitcoinNews at a Lightning summit in El Salvador, the founder and Chief Executive Officer of the exchange, Francis Pouliot, announced the launch. He stated that Bitcoin Bull aims to encourage self-custody, while offering a simpler experience.
Self Custody: Bull Bitcoin Tackles a Major Challenge
The founder recognized a significant barrier to Bitcoin self-custody: the complex and intimidating user experience of onboarding onto exchanges. Many existing exchanges follow a traditional model where users first buy fiat currency and then convert it to Bitcoin, concluding their journey. This approach lacks motivation for users to explore self-custody options, as exchanges have already profited from their trades.
Bull Bitcoin, in contrast, operates as a non-custodial exchange, requiring users to have a Bitcoin address before making a purchase. This, however, has posed a challenge as it introduces friction for newcomers who are unfamiliar with Bitcoin wallets and addresses. Many end up choosing custodial exchanges for their simplicity. Pouliot states:
“Whenever I build a product, I build a product that I personally use. So we need to make it look and feel very easy for a bitcoin beginner. However, once someone becomes a bitcoin expert, I don’t want him to need to move to another wallet because he is not getting his needs fulfilled by this wallet. This is the case with a lot of people when they start using a basic wallet and later think of using another wallet with more features.”
To tackle this issue, Bull Bitcoin combined the concepts of a non-custodial mobile wallet and exchange, creating the Bull Bitcoin app. This innovative wallet can be downloaded from the Google Play Store and seamlessly integrates with the Bull Bitcoin exchange.
Users can fund their fiat account, initiate a purchase, and within moments, the bitcoin appears in their wallet. This process mirrors the ease of custodial exchanges, while in reality, a non-custodial wallet is created in the background, with Bitcoin sent to an address owned by the user.
Pouliot emphasizes the adaptability of Bull Bitcoin Wallet, which is designed to be beginner-friendly, ensuring new users feel comfortable and knowledgeable. Simultaneously, it offers advanced features for Bitcoin experts, eliminating the need to switch to another wallet.
Users can integrate hardware wallets, send Bitcoin to cold storage, and connect the app with the Electrum server, providing a holistic Bitcoin experience.
Lightning Network Integration Coming Soon
At the conclusion of the interview, Pouliot revealed that Bull Bitcoin has also started working on the integration of the Lightning Network into its services. He stated that the users can soon receive Bitcoin payments directly into their own Bitcoin wallets via the Lightning Network. This integration would allow users to take control of their Bitcoin holdings effortlessly, but in a much easier way, according to the founder.
In essence, the Bull Bitcoin Wallet is breaking down the barriers of Bitcoin self-custody by combining the simplicity of custodial exchanges with the security of non-custodial solutions. This development is set to empower users to take control of their Bitcoin holdings, regardless of their level of expertise.