Bitkey

Last updated
Bitkey
Logo for Bitkey by Block, Inc.png
A Bitkey HW and App photograph by Block, Inc.jpg
Bitkey hardware device and mobile app
Developer Block, Inc.
Type Cryptocurrency wallet
Launch dateDecember 7, 2023 (2023-12-07)
Current version Model BK001
Operating system(s) Android, iOS
StatusActive
Pricing modelUS$150 upfront (hardware)
Availability
95+ countries
  • U.S.
  • Argentina
  • Canada
  • Mexico
  • Nigeria
  • India and others
Website https://bitkey.world

Bitkey is a digital wallet for bitcoin, available in the U.S. and 95 other countries. Launched in 2023 by Block, Inc., a company founded by Jack Dorsey, Bitkey began shipping in March 2024. [1] [2] [3] It is a multisignature wallet, storing bitcoin independently of third-party cryptocurrency exchanges or custodial platforms.

Bitkey includes a mobile app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware or both. [1] [2]

History

Jack Dorsey announced in June 2021 that Block was in the process of creating a cryptocurrency wallet. By April 2022, the company had released images of the wallet's hardware component, referred to as "Rocky" by Dorsey. This component was described to include a fingerprint reader and a USB-C charging port. [4]

Business Today stated in July 2023 that Block was imparting Bitkey a "minimalistic" and "sleek" design with no screen interface on the hardware device itself. The only interactive element on the device would be a fingerprint sensor. For executing a transaction, the user would have to initiate a command on the Bitkey mobile app and then confirm the transaction by touching the fingerprint sensor on the device and tapping the device to the mobile phone via Near Field Communication (NFC). [5]

Block officially launched Bitkey on December 7, 2023 in more than 95 countries including the U.S., Argentina, Canada, Mexico, Nigeria and India, making it available for pre-orders for US$150. [1] [2] At the time of launch, the company presented Bitkey as a "self-custody" wallet, enabling users to store bitcoin independently from "custodial platforms" or cryptocurrency exchanges, thereby reducing reliance on third-party custodians. Furthermore, Block stated that, in contrast to other self-custody options, the wallet would not require users to memorize lengthy passwords or seed phrases for securing their bitcoin. [6] Bitkey included a mobile app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware or both. [1] According to Block, Bitkey was a two-of-three multisignature wallet, meaning there were three keys in the system, but any two of them needed to work together to approve transactions and recovery actions. The customer always held two keys — the one in the mobile app and the one in the hardware device — while Block held one, so the company could never move money without a customer’s involvement. Bitkey also offered integrations with custodial platforms such as Cash App and Coinbase to facilitate transferring bitcoin from those platforms to Bitkey. [7]

In March 2024, Block started shipping the Bitkey hardware device. [3] In October 2024, TIME named the wallet as one of the "best inventions of 2024". [8] [9] In November 2024, Block announced it was launching an "inheritance feature" to enhance control and privacy for Bitkey users. The feature was set to become widely available in January 2025. [10]

Related Research Articles

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References

  1. 1 2 3 4 Sureban, Haripriya; BL Bengaluru Bureau (2023-12-07). "Block Inc launches self-custody bitcoin wallet Bitkey in India". BusinessLine. Retrieved 2024-02-07.
  2. 1 2 3 Weiss, Ben (2023-12-08). "Jack Dorsey's Block opens up preorders for Bitcoin hardware wallet Bitkey in more than 95 countries". Fortune (via Yahoo! Finance). Retrieved 2024-02-08.
  3. 1 2 Ghosh, Debangana (2024-03-13). "India has a good mix of Bitcoin use cases; is way more tech savvy: Block Inc's Max Guise". Moneycontrol. Retrieved 2024-03-15.
  4. ↑ Clark, Mitchell (2022-04-06). "This might be Jack Dorsey's "rockey" hardware crypto wallet". The Verge. Retrieved 2024-02-08.
  5. ↑ Adhikary, Mukesh (2023-07-24). "Jack Dorsey's Block is building a sci-fi style crypto wallet to keep Bitcoin safe. Here's how it works". Business Today. Retrieved 2024-02-08.
  6. ↑ PYMNTS (2023-12-07). "Block Debuts Self-Custody Bitcoin Wallet Bitkey" . Retrieved 2024-02-08.
  7. ↑ McClure, Olivia (2023-12-20). "Behind the Build: Self-Custody Solution Bitkey Offers Bitcoin Owners Greater Safety and Control". builtin.com. Retrieved 2024-02-07.
  8. ↑ "200 Best Inventions of 2024". TIME. Retrieved 2024-11-22.
  9. ↑ Klein, Jessica (2024-10-30). "Block Bitkey: the 200 Best Inventions of 2024". TIME. Retrieved 2024-11-22.
  10. ↑ Block, Inc. (2024-11-18). "Bitkey Launches an Inheritance Feature for Seamless Legacy Bitcoin Transfers – Company Announcement - FT.com". markets.ft.com. Retrieved 2024-11-22.
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