Block, the payment processing company founded by Twitter‘s co-founder and former CEO Jack Dorsey, announced the launch of a Bitcoin wallet named Bitkey. According to the announcement made on December 7th, the wallet will be available for use in over 95 countries and can be utilized both as a mobile application and for hardware storage.
Bitkey offers security measures that require the user’s fingerprint and phone confirmation for transactions. The wallet is equipped with a mobile key featuring a two-factor multi-signature capability, a hardware key, and a server key. It also includes recovery tools for loss situations and a secure hardware device.
Among Bitkey’s global partners are the US-based cryptocurrency exchange Coinbase and Cash App. Block stated that Bitkey uses three keys to secure Bitcoin, and two of these keys must work together to authorize security-related transactions such as moving Bitcoin or changing security settings.
The Bitkey package, which includes the application and hardware storage, will be offered for sale at a price tag of 150 dollars, excluding shipping and taxes. The ongoing pre-order process will conclude with the wallet’s market launch in early 2024.
In the third quarter of 2023, Block achieved a revenue of 5.62 billion dollars through Cash App and Square payment processors. The company made a profit of 44 million dollars from Bitcoin investments due to the recent recovery in Bitcoin prices. In addition, the gross profit from Bitcoin transactions increased by 22% compared to the previous year, reaching 45 million dollars, and the firm sold 2.42 billion dollars worth of Bitcoin to customers through Cash App.