In a significant move for the bitcation community, Jack Dorsey’s fintech company, Block (SQ), has introduced its self-custody bitcoin wallet, Bitkey, now available for pre-order in over 95 countries. Bitkey comprises a mobile app, hardware device, and a set of recovery tools, providing users with a comprehensive solution for secure and independent management of their bitcoin assets.

The mobile app enables seamless bitcoin transactions via users’ mobile phones, while the hardware device ensures offline storage of their assets, enhancing security measures. This dual-layered approach involves the app and hardware device serving as two of the three keys required to secure a customer’s bitcoin. The third key is securely stored on Bitkey’s servers, serving to verify transactions made by customers using only their phone in the absence of the hardware device. Additionally, it plays a crucial role in recovering the wallet in case of device or phone loss.

Having undergone successful beta testing during the summer, Bitkey is now poised for a global rollout. In June, Block announced that the wallet would integrate with its payments platform, Cash App, and the renowned crypto exchange, Coinbase (COIN), facilitating convenient buying and selling of BTC directly within the app.

Given the rising concerns about the security of crypto-assets on centralized platforms, the concept of self-custody has gained prominence. Bitkey addresses these concerns by providing users with direct control over their keys, reinforcing the notion: “Not your keys, not your coins.”

Block anticipates shipping pre-orders of Bitkey in early 2024. This development marks a notable stride towards empowering users with greater control and security in managing their cryptocurrency assets globally. As the cryptocurrency landscape continues to evolve, the introduction of innovative solutions like Bitkey demonstrates a commitment to enhancing the user experience and safeguarding digital assets.