Block Launches Bitkey: A Secure Self-Custody Bitcoin Wallet with Global Accessibility and Multiple Key Security

Block, the financial payment processor co-founded by Jack Dorsey, has launched a new self-custody Bitcoin wallet called "Bitkey." The wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries and features a two-of-three multi-signature wallet system. This consists of a mobile key, a hardware key, and a server key, providing secure storage and recovery options. To approve transactions, users will need to authenticate using their fingerprint and phone. The first global partners for Bitkey include Coinbase and Cash App. The Bitkey package, which includes the app and hardware storage, is priced at $150 and is currently available for pre-order. Block recorded $5.62 billion in revenue in Q3 2023, driven by sales growth from Cash App and Square. The company also made a $44 million profit from its Bitcoin investments and saw a 22% YoY increase in Bitcoin transaction gross profit.