Quick Facts
Bitkey Products
- Bitkey hardware device
Company Vitals
Key People: Jack Dorsey (Founder) and Max Guise (Lead Product Manager)
Year Created: 2023
Headquartered: San Francisco, California
Parent Company: Block Inc
Company Overview
Bitkey is a self-custody Bitcoin hardware wallet designed to provide a user-friendly and secure way to store and manage Bitcoin. It was developed by Block, Inc., a company co-founded by Jack Dorsey, and launched in December 2023. The wallet is available for pre-order in 95 countries and is priced at $150 USD.
The Bitkey wallet features a unique two-of-three multisignature system, which requires two out of three keys to authorize transactions or recovery actions. The customer holds two keys, one in the mobile app and the other in the hardware device, while Block holds the third key. This setup ensures that the customer always has control over their Bitcoin, as Block cannot move funds without the customer’s involvement.
Bitkey’s design includes a mobile app for easy management of funds, a hardware device for secure offline storage, and a set of recovery tools for the protection of assets in case the phone or hardware is lost. The hardware wallet is designed to be portable and easy to use, with a fingerprint sensor for added security.
The wallet supports the transfer of Bitcoin from major exchanges like Coinbase and Cash App, making it easier for users to transition to self-custody. It is focused on Bitcoin and Ethereum, with plans to support other cryptocurrencies in the future.
Overall, Bitkey aims to provide a secure, user-friendly, and accessible solution for Bitcoin self-custody, enabling users to take full control of their digital assets.
Security Incidents
With Bitkey’s short time in public, there haven’t been any reported security problems yet. However, in April 2022, Cash App had a security breach from a disgruntled former employee. 8.2 million customer profiles revealed full names, brokerage account numbers, brokerage portfolio values, and brokerage portfolio holdings. Customer Service at Cash App has received criticism as try to automate complaint handling. It’s unclear if this will apply to Bitkey as well.
Big Brother Government Influence
Because of Bitkey’s short track record, there isn’t much information regarding government influence. However, in early 2024, Block faces an investigation from the Southern District of New York office around lapses in KYC/AML processing for Cash App.