Fintech company Block, Inc. XYZ, announced major changes to its self-custody Bitcoin BTC/USD wallet Tuesday, focusing on improved safety, privacy, and usability.
What Happened: Co-founder Jack Dorsey took to X to share the upcoming improvements to Bitkey, the cryptocurrency wallet launched in December 2023.
The changes include providing stronger and more convenient transaction verification, the ability to reset a fingerprint after a security delay, and a new tab on the Bitkey mobile app called Bitkey Security Hub.
In terms of privacy, Block introduced the private wallet balances feature, which limits visibility into users’ balances and transactions. Additionally, there will be the option of not revealing one’s home or billing address when purchasing a Bitkey gadget and picking it up in person.
To improve usability, Block announced a configurable "delay and notify" time period, enabling users to set the recovery duration for lost keys based on their preferences.
Dorsey said that the changes will be implemented beginning in May.
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Why It Matters: A self-custody wallet, also known as a non-custodial wallet, is meant to give a user full control over their private keys and, therefore, their cryptocurrency assets. Bitkey includes a mobile app, a hardware device, and a set of recovery tools in case the user loses their phone or their hardware.
These updates follow the recent launch of a new dashboard by Block to help companies manage their Bitcoin holdings effectively.
The dashboard, part of an open-source toolkit, includes a corporate holdings dashboard and a BTC-to-USD real-time price quote API, allowing firms to monitor the dollar value of their Bitcoin in real time.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,662.10, up 6.18% in the last 24 hours, according to data from Benzinga Pro.
Shares of Block rose 2.60% in after-hours trading after closing 3.70% higher at $54.33 during Wednesday's regular session.
The stock exhibited a very high growth score—a measure of the stock's combined historical expansion in earnings and revenue across multiple periods. For more interesting metrics like these, visit Benzinga Edge Stock Rankings.
Photo Courtesy: Frederic Legrand – COMEO on Shutterstock.com
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