Bitkey, the self-custody Bitcoin wallet developed by Block Inc., has made its debut in over 95 countries across six continents.
Block claims it intends to offer widespread access to self-custody solutions and enable individuals worldwide to assert true ownership and manage their Bitcoin wallet securely.
Block Aims to Foster Inclusive Financial System with Bitcoin Wallet
In a recent statement, Thomas Templeton from Block Inc. emphasized Bitkey’s aim to create a more inclusive financial system through decentralized payments. The company primarily caters to underserved populations.
Bitkey seeks to allow users an alternative to centralized exchanges that include a mobile app, hardware device, and recovery tools for a seamless experience.
However, Templeton sees a future where customers demand ownership and self-custody. This practice reduces dependence on centralized entities and lets individuals control their Bitcoin.
Read more: Ledger vs. Trezor: Which Hardware Wallet Is Best in 2023?
The company quoted a customer as part of its beta program testing out the self-custody wallet.
Gareth, a participant in Bitkey’s external beta program based in South Africa, highlights the product’s unique benefits, making self-custody accessible for the first time.
However, he notes that Bitkey’s user-friendly interface strikes a balance. He addresses complexities associated with previous self-custody wallets and serves as a compelling option for those new to Bitcoin ownership.
The crucial aspect of Bitkey’s approach is its innovative 2-of-3 multi-signature design. This eliminates the need for users to remember lengthy passwords or seed phrases.
However, Lindsey Grossman, Business Lead for Bitkey, explains the product’s commitment to making self-custody more accessible. She explains this is done by combining robust security measures with a simple customer experience.
Prioritizing Security in Self-Custody Wallets
Meanwhile, the design employs three keys, with any two keys required for Bitcoin transactions or security-related actions, ensuring both simplicity and security.
The statement explains Bitkey’s security infrastructure for the self-custody wallet.
It places two keys in the hands of users. One is in the mobile app for transactions and security management, and another is securely stored offline in the hardware device, providing an additional layer of security and facilitating recovery in case of a lost phone.
The third key resides on Bitkey’s server, claiming it will offer assistance for specific transactions and recovery scenarios.
Furthermore, it claims its unique design ensures the platform cannot access or move a customer’s Bitcoin without their involvement
Read more: What Are Multisig Wallets and How Do They Work?
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