Over 95 nations on six continents have officially launched Bitkey, the self-custody bitcoin wallet that fintech powerhouse Block developed. This global expansion aims to democratize access to self-custody, providing individuals worldwide with the ability to securely own and manage their bitcoin with ease. Currently, a majority of bitcoin owners keep their holdings on custodial platforms or exchanges, relinquishing control to these entities. Bitkey seeks to address this by offering a user-friendly solution that eliminates the complexity associated with self-custody.
The Bitkey ecosystem comprises a mobile app, hardware device, and recovery tools for users who may lose their phone or hardware. Available for pre-orders at bitkey.world, with shipping beginning in early 2024, Bitkey is designed to make bitcoin self-custody accessible to a diverse global audience.
Thomas Templeton, Head of the Proto team at Block, emphasized the potential of the bitcoin decentralized payments network to create a more inclusive financial system. He stated, "With Bitkey, we are building a safe and easy way for people all around the world with different levels of experience with bitcoin to take control of their finances on their terms."
Bitkey's emphasis on ease of use and peace of mind distinguishes it in the self-custody space. Gareth, a participant in Bitkey's external beta program in South Africa, noted that the product removes significant barriers to entry by offering a balanced and accessible self-custody experience. Bitkey's unique 2-of-3 multi-signature design avoids the need for users to remember long passwords or seed phrases, contributing to a simplified and secure user experience.
Additionally, Lindsey Grossman, Business Lead for Bitkey, highlighted the forgiving recovery experiences provided by the platform, which prioritizes simplicity and security. Bitkey's 2-of-3 multi-signature design utilizes three keys, with two keys required for transactions or recovery actions. Users hold two keys- one in the mobile app for transactions and one in the hardware device for added security and recovery.
Bitkey's partnership with leading global exchanges, Coinbase and Cash App, further facilitates the transition of users from centralized platforms to self-custody. This strategic integration allows Bitkey users to easily transfer or buy bitcoin from these partners, enhancing the overall user experience.
In essence, Bitkey by Block, Inc. sets out to empower individuals globally to truly own and manage their bitcoin securely, fostering a new era of self-custody in the digital financial landscape.