Block, Led by Jack Dorsey, Launches Open Beta Program for Bitkey Wallet

Bitkey wallet beta test

US payment company Block, whose CEO is Jack Dorsey, announced on the 15th an open beta program for its crypto asset (virtual currency) Bitcoin (BTC) wallet “Bitkey.” General Bitcoin users are invited to try it.

Bitkey is a self-custody hardware wallet that allows users to manage their own bitcoins. It comes with a function to protect bitcoins with multiple private keys, a recovery tool that enables restoration when lost, and a mobile app.

The open beta program is a program for general users to test the performance of the product prior to its official release. Participating users are expected to perform predetermined transactions, provide their feedback to the block, and contribute to product improvement.

In the beta version, Bitkey functionality is limited to basic bitcoin sending and receiving and capped payments. Additionally, Bitkey only works with Coinbase and CashApp as exchanges, allowing users to transfer bitcoins from these platforms to their wallets without copying and pasting.

Users wishing to participate in the program must submit an application form by June 30, 2023, and will be notified of the selection results by email by the end of July. Selected participants will confirm the terms and conditions, register the delivery address of the Bitkey hardware device, and download and start using the app upon receiving the device.

connection:Block CEO Dorsey Says Bitcoin Is The Internet’s Native Currency

Block’s vision

In the future, Bitkey plans to work with more third-party exchanges to allow users to buy Bitcoin directly through the app. Major cryptocurrency exchange Coinbase also announced an international partnership with Bitkey. It has revealed that it will provide users with the ability to convert bitcoins into local currencies, and the target countries include the United States, Canada, the United Kingdom, Brazil, and Australia.

A self-custody wallet is a wallet that allows users to manage and own private keys for crypto assets such as bitcoin, and is also called “self-hosting” or “self-custody”. This makes it possible to manage own assets without going through an exchange.

Block positions Bitkey as a product that embodies the vision that “individuals truly own and manage their own bitcoins.”

Block, a US fintech company headed by Jack Dorsey, was formerly known as Square Inc., but changed its name to its current name in December 2021. Its stock ticker remained SQ, and was up about 4% at the close of trading on Friday.

The money transfer app Cash App, operated by Block, has been offering users the ability to buy bitcoins for several years. It also offers payment options using Bitcoin as well as receiving coins through the Lightning Network. The newly developed Bitkey does not support the Lightning Network.

connection:Square, led by Dorsey, renamed ‘Block’

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