Bitkey, the self-custody bitcoin wallet built by Block, Inc. (NYSE: SQ), launched today in more than 95 countries across six continents, widening access to self-custody and empowering people around the world to truly own and manage their bitcoin easily and safely.
Today, the vast majority of the millions of bitcoin owners[1] keep their bitcoin in the custodial platforms or exchanges where they bought it, leaving them under the control of the custodian. Accessing self-custody solutions where people can truly own the keys to their bitcoin still often relies on a complex set of devices or long passwords that people need to remember to be able to recover their money in case of loss.
Bitkey includes a mobile app, hardware device, and a set of recovery tools in case the customer loses the phone, their hardware, or both. Built by the Proto team at Block, Bitkey is now available for pre-orders[2] at bitkey.world, with shipping starting in early 2024. Thomas Templeton, who leads the Proto team, said:
“The bitcoin decentralized payments network has the potential to create a more inclusive financial system for all, especially those who have traditionally been underserved. In the future, we believe customers will demand ownership and self-custody because it brings peace of mind, reduces dependence on any one entity, and puts individuals in control of their own bitcoin. With Bitkey, we are building a safe and easy way for people all around the world with different levels of experiences with bitcoin to take control of their finances on their terms.”
[1] Estimated numbers range from between 50 million (source: CoinmarketCap, unique addresses holding bitcoin with non-zero balances: https://coinmarketcap.com/currencies/bitcoin/#Analytics) upwards to 219 million (source: Crypto.com 2022 report published January 2023, number of bitcoin owners globally: https://contenthub-static.crypto.com/wp_media/2023/01/Cryptodotcom_Crypto_Market_Sizing_Jan2023-1.pdf)
[2] Bitkey will be available at a price of $150USD, or its equivalent in local currencies.
