Digital payments company Block, based in the United States, has launched the Bitkey self-custody Bitcoin wallet, aiming to enhance access to self-custody solutions across 95 countries on six continents. The expansion seeks to empower individuals to exert greater control and security over their Bitcoin holdings, countering the prevalent reliance on custodial platforms or exchanges.
Bitkey provides a comprehensive solution through its mobile app, hardware device, and recovery tools, mitigating potential loss scenarios involving phones or hardware. Currently available for pre-orders and slated to ship in early 2024, Bitkey addresses concerns related to transitioning from exchanges to self-custody wallets.
Block representatives underscored the decentralized nature of the Bitcoin payments network, highlighting its capacity to contribute to a more inclusive financial system. They anticipate a rising demand for ownership and self-custody as users seek control and peace of mind in managing their digital assets.
Bitkey prioritizes accessibility through user-friendly recovery experiences, reducing reliance on lengthy passwords. Acknowledging user hesitation due to historical concerns with safeguarding seed phrases, Bitkey adopts a 2-of-3 multi-signature design. This design eliminates the need for users to remember extensive passwords, requiring collaboration between any two out of three keys for Bitcoin transactions or security-related actions.
