Block, Led by Jack Dorsey, Developing Bitkey: A Hardware-Based Crypto Key Product
- Shams Ul Zoha
- July 18, 2023
- 1:52 pm
WHAT YOU SHOULD KNOW
- Block, led by Jack Dorsey, is developing Bitkey, a hardware-based self-custody wallet for Bitcoin.
- Bitkey provides users with tangible hardware that puts the keys to their digital assets directly in their control.
- With Bitkey, users can securely purchase Bitcoin on a crypto exchange and transfer it to their hardware wallet, ensuring self-custody and an additional layer of security.
Block, the tech firm led by Twitter co-founder Jack Dorsey, is currently developing Bitkey, an advanced hardware-based crypto key product, according to Business Today. Bitkey is a physical wallet that functions as a self-custody solution for digital assets. Unlike traditional mobile apps, Bitkey is a tangible piece of hardware that enables users to directly control the keys to their digital assets.
The primary goal of Bitkey, as stated by Lindsey Grossman, Bitkey’s business lead, is to empower customers to securely manage their Bitcoin in a user-friendly manner. Grossman highlighted that Jack Dorsey fully supports the Bitkey project because of its potential to give customers complete control over their finances.
With Bitkey, users have the ability to purchase Bitcoin from a crypto exchange and transfer it to their hardware wallet. Notably, any transaction or transfer exceeding a predetermined limit requires approval on the Bitkey device, adding an extra layer of security. Grossman emphasized that self-custody wallets like Bitkey enable users to personally possess and safeguard their digital assets.
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