'Move Your Bitcoin Off The Exchanges': Jack Dorsey's Block Launches Self-Custody BTC Wallet

Block Inc SQ, a company established by Jack Dorsey, has launched its self-custody Bitcoin (CRYPTO: BTC wallet, Bitkey, now accessible in over 95 countries.

What Happened: Self-custody Bitcoin wallet, Bitkey will be available as a mobile app or hardware storage and will highlight a two-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key.

It will also have a secure hardware device alongside recovery tools in the event of loss. The user’s fingerprint and phone, both, will be required to approve any transactions.

Dorsey took to X and said, “Move your bitcoin off the exchanges.” Ownership, security, convenience, and peace of mind are the features that Bitkey highlights on its website.

Coinbase Global Inc COIN and Cash App will be the first global partners for Bitkey which is built by the Proto team at the Block. The Bitkey is open for pre-order across all 95 countries, while shipments will commence in early 2024.

Block in an official press release 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.”

Read Next: BitKey, A Bitcoin Hardware Wallet From Jack Dorsey's Block, Launches Soon

Why Does It Matter: The importance of a self-custody wallet for storing digital assets has been highlighted by the collapse of crypto exchanges like FTX, Voyager, and Celsius. Customers now seek such options to protect their self-interest and assets and avoid any major loss.  

“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,” Proto team lead Thomas Templeton said.

In Q3 2023, Block reported $5.62 billion in revenue, led by strong sales growth for payment processors Cash App and Square. With 55 million monthly transacting activities, Cash App revenue stood at $1.16 billion, marking a 26% year-over-year growth.

Amid the recent BTC price recovery, the company's Bitcoin investments profit stood at $44 million, and gross profit was seen at $45 million (+22% year-over-year). Block sold $2.42 billion worth of BTC to customers through Cash App.

Read Next: Jack Dorsey Announces Sweeping Layoffs At Block, Impacting Tidal, Square, And Cashapp

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