Bitkey Starts Shipping First Units of Its Hardware Device, Adds Security and Recovery Features
- Bitkey's hardware devices are now being shipped to customers globally, allowing them to manage their bitcoin securely.
- The Bitkey app, available on app stores, offers features like trusted contacts for recovery and seamless integrations with Cash App and Coinbase.
- Customers in 90+ countries can order the hardware device, which includes recovery tools, to take control of their bitcoin.
- The wallet focuses on simple and secure recovery experiences, prioritizing customer control and accessibility.
- New features like Trusted Contacts and Emergency Access Kit enhance recovery options for customers, ensuring security and independence.
- Partnerships with Cash App and Coinbase enable easy transfers and now also buying of bitcoin, with more integrations planned for the future.
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Insights
The launch of Bitkey's hardware device by Block, Inc. represents a strategic move to capitalize on the growing trend of cryptocurrency self-custody. The ability for customers to buy bitcoin directly through integrations with Cash App and Coinbase could potentially increase transaction volume and user engagement, enhancing Block's revenue streams. The focus on security and recovery features addresses a significant pain point in cryptocurrency usage, potentially leading to wider adoption among risk-averse users. This could have a positive impact on Block's market positioning and stock value as it diversifies its product offerings in the digital asset space.
Bitkey's emphasis on secure and accessible recovery tools is a notable development in the realm of cryptocurrency wallets. The introduction of Trusted Contacts and an Emergency Access Kit demonstrates a commitment to security without sacrificing user convenience. This approach could set a new standard for wallet security, influencing customer trust and loyalty, which are crucial for Block's reputation and competitive edge. The implementation of these features may also encourage other players in the industry to enhance their security protocols, potentially leading to a safer overall ecosystem for digital assets.
By addressing the complexities and security concerns associated with self-custody of cryptocurrencies, Bitkey's new hardware device and app could attract a broader customer base, including those hesitant about the technical challenges of managing digital assets. The ability to recover accounts through trusted contacts and cloud backups reflects a user-centric design that could lead to increased market penetration. The partnerships with Cash App and Coinbase are strategic, possibly driving adoption rates and setting the stage for future integrations. These developments could enhance Block's brand recognition and user retention in the long term, contributing to its competitive positioning in the fintech sector.
- Among other features, Bitkey’s customers are now able to set up trusted contacts to help them easily recover access to their wallets in certain scenarios
- Through Bitkey’s integrations with Cash App and Coinbase, customers can easily transfer, and now also buy their bitcoin from partners
- Bitkey’s hardware device begins shipping to customers, and the Bitkey app is already available for downloads across app stores
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(Photo: Business Wire)
Bitkey’s wallet was built to bring more people to self-custody with an easy-to-use and safe solution. A major focus for the team building Bitkey has always been providing accessible recovery experiences that prioritize both simple and secure paths for customers to control and recover their money if something goes wrong. When moving from custodial to self-custody solutions, customers have historically had to confront complexity: having to remember and store long passwords, and struggling through difficult and unfamiliar setup processes that often leave customers prone to accidental loss of their bitcoin. Bitkey’s recovery design incorporates tools to easily but securely regain access to one’s account in every situation possible.
What’s new: trusted contacts and more security & independence for customers
The beta-tested version came with two features as part of Bitkey’s recovery design: Cloud Backup, for when someone loses access to the mobile key, for example if their phone is lost or stolen - or they get an upgrade; and Delay and Notify, which allows customers to regain access to their funds through a new set of keys if they only have access to one of their two keys (either mobile or hardware).
Now, the Bitkey wallet brings new recovery features that top off the recovery design behind the wallet:
- Trusted Contacts, an optional feature that lets customers set up people they trust who can help them verify recovery requests and recover their wallets when both the mobile key and the hardware key have been lost; and an
- Emergency Access Kit, which gets automatically stored in the customer’s cloud account and can help them recover if the app is no longer available on the app stores or if they no longer want to use the third key stored by Block.
According to Jacob B., one of Bitkey’s beta customers from
In addition, to help connect the world of today’s fiat money with bitcoin’s financial system, through Bitkey’s integrations with Cash App and Coinbase, customers can seamlessly transfer, and now also buy, their bitcoin from partners. These two partnerships are the first of more to come globally as the team continues exploring other strategic integrations that will arrive at Bitkey in the next few months.
About Bitkey
Bitkey is a self-custody bitcoin wallet with three parts — a mobile app to make transactions easily on the phone, a hardware device to protect savings securely offline, and a set of recovery tools in case customers lose their phone, hardware, or both. As an innovative multi-signature self-custody wallet, Bitkey provides innovative recovery tools that give customers multiple ways to recover their money, so they can take their bitcoin off exchanges and truly own and control it themselves, without the anxiety of guarding a long complex seed phrase. Bitkey provides the convenience of a mobile app, the security of hardware, and peace of mind that in case they lose something, customers can still recover their money. Bitkey is built by the Proto Team at Block, Inc. Proto’s mission is to help accelerate the world’s transition to a more open economy by making products that increase access and independence for everyone. Bitkey is the first of these. Find out more at bitkey.world.
About Block, Inc.
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global technology company with a focus on financial services. Made up of Square, Cash App, TIDAL, and TBD, we build tools to help more people access the economy. Square makes commerce and financial services easy and accessible for sellers with its integrated ecosystem of technology solutions. With Cash App, anyone can easily send, spend, or invest their money in stocks or bitcoin. Afterpay brings Square and Cash App together, connecting consumers and businesses. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open source platform and developer infrastructure that enables everyone to access and participate in the global economy.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240311606243/en/
Source: Block, Inc.
FAQ
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