Loading… Loading…
Block Inc.SQ CEOJack Dorseyunveiled the fintech companys self-custodyBitcoinBTC/USD wallet,Bitkey,for pre-orderin over 95 countries on Thursday.
What Happened:Dorsey urged users on X to Move your bitcoin off the exchanges and provided a link to Bitkey. In response, Tesla CEOElon Muskacknowledged the importance of controlling ones wallet keys with the popular crypto maxim: Not your keys, not your wallet, as they say.
Not your keys, not your wallet, as they say Elon Musk (@elonmusk) December 7, 2023
See More:Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters:The Bitkey wallet relies on a three-tier security key system. The mobile app facilitates Bitcoin transactions on the go, while the hardware device acts as a secure vault, keeping assets offline.
Additionally, a third recovery key stored on Bitkeys servers verifies transactions when the hardware device is unavailable and aids in wallet recovery if phones or devices are lost.
Back in June, Block announced that Bitkey would integrate with its payment platform Cash App and the crypto exchange Coinbase, allowing Bitcoin transactions within the app.
The concept of self-custody has gained prominence, particularly in the wake of the collapses of several centralized crypto platforms, includingFTX,Voyager, andCelsius.
Price Action: At the time of writing, Bitcoin was trading at $43,521, down 1.02% in the last 24 hours, according to Benzinga Pro.
Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading…
