Jack Dorsey’s Block Inc. launches self-custody Bitcoin wallet

Financial payment processor Block, co-founded by Jack Dorsey, has launched its self-custody Bitcoin (BTC) wallet.

Dubbed “Bitkey,” developers said during the Dec. 7 announcement that the wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey will feature a two-of-three multi-signature wallet consisting of a mobile key, a hardware key and a server key, with a secure hardware device alongside recovery tools in the event of loss. It will require both the user’s fingerprint and phone to approve transactions. The first global partners for Bitkey include Coinbase and Cash App.

“Bitkey uses three keys to secure Bitcoin, and any two keys working together are needed to move Bitcoin or approve other security-related actions like initiating recovery or modifying security settings,” Block stated. “Because Bitkey only has access to one, not two or three keys in this 2-of-3 multi-signature wallet, Bitkey cannot access or move a customer’s bitcoin without them.”

The Bitkey package, which includes both the app and hardware storage, has a price tag of $150, excluding shipping and taxes. It’s set for pre-order only, with rollouts expected in early 2024.

In the third quarter of 2023, Block recorded $5.62 billion in revenue on the back of solid sales growth for payment processors Cash App and Square. The firm also realized a $44-million profit on its Bitcoin investments due to BTC’s recent price recovery. Meanwhile, Bitcoin transaction gross profit stood at $45 million, up by 22% year-over-year, with the firm selling $2.42 billion worth of BTC to customers via Cash App.